Texas Permanent School Fund Has $5.12 Million Stake in Paychex, Inc. (PAYX)
Texas Permanent School Fund decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 3.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 89,836 shares of the business services provider’s stock after selling 3,480 shares during the period. Texas Permanent School Fund’s holdings in Paychex were worth $5,115,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in PAYX. BlackRock Inc. boosted its position in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares in the last quarter. State Street Corp boosted its position in shares of Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares in the last quarter. FMR LLC boosted its position in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares in the last quarter. Hedge funds and other institutional investors own 68.60% of the company’s stock.
Paychex, Inc. (PAYX) opened at 54.24 on Friday. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company has a market cap of $19.49 billion, a PE 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 (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.69%. This is an increase from Paychex’s previous quarterly dividend of $0.46.
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PAYX has been the subject of a number of analyst reports. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird cut their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Wedbush restated a “neutral” rating and set a $61.25 price target (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley cut their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $59.16.
In other news, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Efrain Rivera sold 5,837 shares of the firm’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $334,985.43. Following the transaction, the insider now directly owns 53,395 shares of the company’s stock, valued at approximately $3,064,339.05. 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 ninety days. Insiders own 11.60% 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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