Paychex, Inc. (PAYX) Stake Raised by Bronfman E.L. Rothschild L.P.
Bronfman E.L. Rothschild L.P. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 287.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,064 shares of the business services provider’s stock after buying an additional 3,757 shares during the period. Bronfman E.L. Rothschild L.P.’s holdings in Paychex were worth $298,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. State Street Corp boosted its stake in Paychex by 6.4% in the fourth quarter. State Street Corp now owns 13,895,703 shares of the business services provider’s stock valued at $845,961,000 after buying an additional 833,967 shares during the period. FMR LLC boosted its stake in Paychex by 37.8% in the fourth quarter. FMR LLC now owns 9,278,073 shares of the business services provider’s stock valued at $564,848,000 after buying an additional 2,545,554 shares during the period. Wells Fargo & Company MN boosted its stake in 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 valued at $499,618,000 after buying an additional 104,154 shares during the period. Ameriprise Financial Inc. boosted its stake in Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares during the period. Finally, Bahl & Gaynor Inc. boosted its stake in Paychex by 21.8% in the first quarter. Bahl & Gaynor Inc. now owns 2,889,257 shares of the business services provider’s stock valued at $170,177,000 after buying an additional 518,041 shares during the period. Institutional investors own 68.51% of the company’s stock.
Paychex, Inc. (PAYX) opened at 61.10 on Friday. The firm has a 50 day moving average of $58.72 and a 200-day moving average of $59.91. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company has a market capitalization of $21.95 billion, a price-to-earnings ratio of 27.77 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 29th. The business services provider reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. Paychex had a net margin of 25.75% and a return on equity of 42.04%. The company had revenue of $795.80 million for the quarter, compared to the consensus estimate of $799.08 million. During the same period in the prior year, the firm posted $0.50 EPS. Paychex’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts anticipate that Paychex, Inc. will post $2.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Wednesday, May 10th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Monday, May 8th. Paychex’s dividend payout ratio (DPR) is 85.58%.
Several equities research analysts have recently weighed in on PAYX shares. Jefferies Group LLC reiterated a “sell” rating and set a $50.00 price objective on shares of Paychex in a research report on Tuesday, March 21st. Wedbush reiterated a “neutral” rating and set a $61.25 price objective (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, BMO Capital Markets decreased their price objective on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $58.85.
In related news, Director Grant M. Inman sold 10,654 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total transaction of $615,268.50. Following the sale, the director now directly owns 32,514 shares of the company’s stock, valued at approximately $1,877,683.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph M. Velli sold 9,000 shares of the stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $58.29, for a total transaction of $524,610.00. Following the sale, the director now directly owns 30,624 shares in the company, valued at $1,785,072.96. The disclosure for this sale can be found here. Insiders have sold a total of 64,654 shares of company stock worth $3,827,829 over the last three months. 11.60% of the stock is currently owned by 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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