QCI Asset Management Inc. NY Boosts Stake in Paychex, Inc. (PAYX)
QCI Asset Management Inc. NY lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 6.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,581 shares of the business services provider’s stock after purchasing an additional 950 shares during the quarter. QCI Asset Management Inc. NY’s holdings in Paychex were worth $1,065,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Select Equity Group L.P. boosted its holdings in shares of Paychex by 12.9% in the 1st quarter. Select Equity Group L.P. now owns 8,689,359 shares of the business services provider’s stock worth $535,178,000 after purchasing an additional 995,527 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Paychex in the 1st quarter worth about $43,805,000. Smith Asset Management Group LP purchased a new position in shares of Paychex in the 1st quarter worth about $26,952,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of Paychex by 18.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,935,855 shares of the business services provider’s stock worth $119,230,000 after purchasing an additional 306,547 shares in the last quarter. Finally, BB&T Securities LLC boosted its holdings in shares of Paychex by 798.7% in the 1st quarter. BB&T Securities LLC now owns 302,947 shares of the business services provider’s stock worth $18,658,000 after purchasing an additional 269,236 shares in the last quarter. Hedge funds and other institutional investors own 68.62% of the company’s stock.
In related news, CEO Martin Mucci sold 74,742 shares of the stock in a transaction dated Friday, July 6th. The stock was sold at an average price of $69.66, for a total transaction of $5,206,527.72. Following the completion of the sale, the chief executive officer now directly owns 276,754 shares in the company, valued at approximately $19,278,683.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Velli sold 3,079 shares of the stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $65.00, for a total value of $200,135.00. Following the completion of the sale, the director now owns 29,013 shares of the company’s stock, valued at approximately $1,885,845. The disclosure for this sale can be found here. Insiders have sold a total of 200,388 shares of company stock valued at $14,044,274 over the last 90 days. 11.70% of the stock is currently owned by company insiders.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 27th. The business services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million for the quarter, compared to analysts’ expectations of $868.60 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. equities analysts predict that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Tuesday, July 31st. Paychex’s dividend payout ratio is presently 87.84%.
PAYX has been the subject of a number of research reports. Bank of America cut Paychex from a “neutral” rating to an “underperform” rating in a report on Tuesday, April 17th. BidaskClub cut Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Morgan Stanley upped their price objective on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a report on Thursday, June 28th. Wells Fargo & Co upped their price objective on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, June 28th. Finally, Stifel Nicolaus upped their price objective on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, June 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and an average price target of $67.82.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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