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Paychex, Inc. (NASDAQ:PAYX) Position Lessened by Cambridge Investment Research Advisors Inc.
Cambridge Investment Research Advisors Inc. trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,485 shares of the business services provider’s stock after selling 1,334 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Paychex were worth $7,001,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in Paychex by 0.6% during the first quarter. BlackRock Inc. now owns 30,565,936 shares of the business services provider’s stock worth $4,171,334,000 after buying an additional 185,683 shares during the last quarter. Vanguard Group Inc. increased its position in Paychex by 0.8% during the first quarter. Vanguard Group Inc. now owns 29,343,942 shares of the business services provider’s stock worth $4,004,568,000 after buying an additional 222,549 shares during the last quarter. Capital International Investors increased its position in Paychex by 9.7% during the first quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock worth $2,233,017,000 after buying an additional 1,445,699 shares during the last quarter. State Street Corp increased its position in Paychex by 4.2% during the fourth quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock worth $1,895,918,000 after buying an additional 553,659 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Paychex by 33.5% during the first quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock worth $1,698,137,000 after buying an additional 3,122,688 shares during the last quarter. 71.80% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
PAYX has been the topic of several analyst reports. Bank of America lowered their target price on shares of Paychex from $138.00 to $124.00 in a research report on Wednesday, June 29th. Cowen lowered their price target on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, June 30th. Barclays lowered their price target on Paychex from $140.00 to $127.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 30th. Cowen decreased their target price on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, June 30th. Finally, William Blair reissued a “market perform” rating on shares of Paychex in a research report on Wednesday, June 29th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $130.75.
Paychex Stock Performance
Shares of Paychex stock opened at $115.02 on Friday. The company has a 50 day moving average of $126.54 and a 200-day moving average of $125.31. Paychex, Inc. has a 1-year low of $106.55 and a 1-year high of $141.92. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.26. The company has a market cap of $41.44 billion, a PE ratio of 29.95, a price-to-earnings-growth ratio of 3.79 and a beta of 1.00.
Paychex (NASDAQ:PAYX – Get Rating) last issued its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.72 EPS. As a group, equities research analysts forecast that Paychex, Inc. will post 4.14 earnings per share for the current fiscal year.
Paychex Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Wednesday, August 10th. Paychex’s dividend payout ratio is currently 82.29%.
Insider Activity
In other news, CEO Martin Mucci sold 21,631 shares of Paychex stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $2,526,500.80. Following the completion of the transaction, the chief executive officer now directly owns 420,535 shares in the company, valued at $49,118,488. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Stephanie L. Schaeffer sold 1,631 shares of the firm’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $190,500.80. Following the transaction, the insider now directly owns 66,334 shares of the company’s stock, valued at $7,747,811.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 21,631 shares of the firm’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $2,526,500.80. Following the transaction, the chief executive officer now directly owns 420,535 shares in the company, valued at $49,118,488. The disclosure for this sale can be found here. Insiders sold 90,837 shares of company stock worth $10,539,336 over the last three months. 11.50% of the stock is currently owned by insiders.
Paychex Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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