Paychex, Inc. (PAYX) Stake Increased by Royal Bank of Canada
Royal Bank of Canada lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,081,752 shares of the business services provider’s stock after buying an additional 97,170 shares during the quarter. Royal Bank of Canada owned approximately 0.86% of Paychex worth $175,475,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its holdings in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in Paychex during the second quarter valued at approximately $129,000. Sun Life Financial INC raised its stake in Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Paychex by 23.8% during the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Finally, Kernodle & Katon Asset Management Group LLC lifted its holdings in Paychex by 37.7% during the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after buying an additional 867 shares during the last quarter. 67.31% of the stock is owned by institutional investors and hedge funds.
In other Paychex news, insider Efrain Rivera sold 5,837 shares of Paychex stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the transaction, the insider now directly owns 53,395 shares of the company’s stock, valued at $3,064,339.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total value of $409,707.21. Following the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The disclosure for this sale can be found here. Insiders sold 107,497 shares of company stock worth $6,200,889 over the last quarter. Company insiders own 11.70% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) traded down 0.759% during trading on Monday, hitting $59.505. 1,319,766 shares of the stock traded hands. The firm’s 50-day moving average price is $56.38 and its 200-day moving average price is $58.35. The company has a market cap of $21.39 billion, a price-to-earnings ratio of 26.447 and a beta of 0.98. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Several brokerages have recently commented on PAYX. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. Robert W. Baird reduced their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $59.28.
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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