Paychex, Inc. (PAYX) Position Lowered by Lakeview Capital Partners LLC
Lakeview Capital Partners LLC reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 12.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,215 shares of the business services provider’s stock after selling 624 shares during the period. Lakeview Capital Partners LLC’s holdings in Paychex were worth $240,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. Northwest Quadrant Wealth Management LLC increased its position in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares in the last quarter. Pacer Advisors Inc. increased its position in Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares in the last quarter. JPMorgan Chase & Co. increased its position in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares in the last quarter. Burney Co. increased its position in Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after buying an additional 813,930 shares in the last quarter. Institutional investors and hedge funds own 68.68% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.92 on Tuesday. The firm has a market capitalization of $19.74 billion, a PE ratio of 24.41 and a beta of 0.96. The stock has a 50 day moving average price of $56.92 and a 200 day moving average price of $58.91. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same period in the prior year, the company posted $0.49 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.64%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th.
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PAYX has been the topic of a number of research reports. BMO Capital Markets restated a “hold” rating and set a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. Wedbush restated a “neutral” rating and set a $61.25 price target (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price target (down previously from $62.00) on shares of Paychex in a research note on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus target price of $59.16.
In related news, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the completion of the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Mucci sold 33,294 shares of the stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the completion of the transaction, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock valued at $5,300,889 over the last three months. Corporate insiders own 11.60% of the company’s stock.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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