Pictet Asset Management Ltd. Cuts Stake in Paychex, Inc. (PAYX)
Pictet Asset Management Ltd. lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,185 shares of the business services provider’s stock after selling 1,600 shares during the period. Pictet Asset Management Ltd.’s holdings in Paychex were worth $10,080,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of PAYX. Macquarie Group Ltd. increased its position in shares of Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock worth $1,254,000 after buying an additional 6,500 shares during the period. Tompkins Financial Corp purchased a new position in shares of Paychex during the first quarter worth about $316,000. Doyle Wealth Management purchased a new position in shares of Paychex during the first quarter worth about $383,000. Cullinan Associates Inc. increased its position in shares of Paychex by 3.5% in the first quarter. Cullinan Associates Inc. now owns 243,988 shares of the business services provider’s stock worth $14,371,000 after buying an additional 8,300 shares during the period. Finally, Pinnacle Bank purchased a new position in shares of Paychex during the first quarter worth about $303,000. 68.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (PAYX) opened at 54.92 on Tuesday. The firm’s 50-day moving average is $56.92 and its 200-day moving average is $58.91. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a market cap of $19.74 billion, a price-to-earnings ratio of 24.41 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. Equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 3.64%. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
A number of research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) downgraded shares of 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 report on Tuesday, June 20th. Robert W. Baird dropped their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. BMO Capital Markets restated a “hold” rating and issued a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Finally, J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 price target (down previously from $62.00) on shares of Paychex in a research report on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and an average target price of $59.16.
In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of the firm’s stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the transaction, the vice president now owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Mucci sold 33,294 shares of the firm’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock valued at $5,300,889 in the last three months. 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.
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).
Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.