Raymond James Financial Services Advisors Inc. Grows Holdings in Paychex, Inc. (PAYX)
Raymond James Financial Services Advisors Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 29.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 133,942 shares of the business services provider’s stock after buying an additional 30,833 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Paychex were worth $7,627,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PAYX. BlackRock Inc. increased its stake in Paychex by 2,782.5% in the 1st quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares during the period. Janus Henderson Group PLC grew its position in Paychex by 4,105.7% in the second quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock worth $104,230,000 after acquiring an additional 1,787,007 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Paychex by 2,391.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock worth $77,609,000 after acquiring an additional 1,308,288 shares in the last quarter. Mawer Investment Management Ltd. bought a new stake in Paychex in the second quarter worth approximately $45,209,000. Finally, JPMorgan Chase & Co. grew 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 acquiring an additional 759,973 shares in the last quarter. Hedge funds and other institutional investors own 67.31% of the company’s stock.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same period in the previous year, the business posted $0.60 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.15%. Paychex’s dividend payout ratio (DPR) is 87.34%.
Several analysts have commented on PAYX shares. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird decreased their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Morgan Stanley decreased their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. Paychex currently has an average rating of “Hold” and an average target price of $60.07.
In other news, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Laurie L. Zaucha sold 17,354 shares of the business’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,395 shares of company stock valued at $5,532,183. Company insiders own 11.70% of the company’s stock.
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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