Oak Associates Ltd. OH raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 15.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 169,185 shares of the business services provider’s stock after buying an additional 22,100 shares during the quarter. Oak Associates Ltd. OH’s holdings in Paychex were worth $9,633,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Northwest Quadrant Wealth Management LLC lifted its stake in Paychex by 0.6% during the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after buying an additional 24 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Paychex by 4.3% during the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock valued at $599,000 after buying an additional 417 shares in the last quarter. Shelton Capital Management lifted its stake in Paychex by 72.6% during the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after buying an additional 43,033 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Paychex by 314.1% during the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares in the last quarter. Finally, Burney Co. lifted its stake in Paychex by 28.9% during the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock valued at $2,398,000 after buying an additional 9,135 shares in the last quarter. 67.31% of the stock is owned by institutional investors.
A number of research firms have commented on PAYX. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Wells Fargo & Company upped their price objective on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Bank of America Corporation upped their price objective on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and set a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $60.07.
In other news, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total transaction of $930,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 11,155 shares of Paychex stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock worth $5,532,183 in the last quarter. 11.70% of the stock is currently owned by company insiders.
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Paychex, Inc. (NASDAQ PAYX) traded down 1.04% during mid-day trading on Friday, hitting $63.75. 2,083,678 shares of the stock were exchanged. The stock has a market capitalization of $22.91 billion, a P/E ratio of 28.33 and a beta of 0.98. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $64.75. The firm has a 50-day moving average price of $59.53 and a 200-day moving average price of $58.30.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the previous year, the business posted $0.60 EPS. Paychex’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post $2.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
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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