Stratos Wealth Partners LTD. Raises Stake in Paychex, Inc. (PAYX)
Stratos Wealth Partners LTD. increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 6.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,123 shares of the business services provider’s stock after buying an additional 1,608 shares during the period. Stratos Wealth Partners LTD.’s holdings in Paychex were worth $1,601,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of PAYX. Parkside Financial Bank & Trust raised its position in shares of Paychex by 23.8% in 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 during the period. Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Koshinski Asset Management Inc. bought a new position in shares of Paychex during the second quarter valued at approximately $201,000. Denver Investment Advisors LLC raised its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the period. Finally, King Wealth Management Group LLC raised its position in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 68.60% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 54.24 on Friday. The stock has a market capitalization of $19.49 billion, a P/E ratio of 24.11 and a beta of 0.96. The stock has a 50 day moving average of $57.04 and a 200-day moving average of $59.00. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. Analysts predict that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The company 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 is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, July 28th.
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Several research analysts have commented on the stock. BMO Capital Markets restated a “hold” rating and issued a $60.00 price objective on shares of Paychex in a report on Thursday, June 29th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 price objective (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $59.16.
In related news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the sale, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction dated 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 completion of the sale, the chief executive officer now 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 92,497 shares of company stock valued at $5,300,889 over the last 90 days. 11.60% of the stock is currently owned by corporate insiders.
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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