Kanawha Capital Management LLC held its stake in Paychex Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,184 shares of the company’s stock at the end of the second quarter. Kanawha Capital Management LLC’s holdings in Paychex were worth $249,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the stock. Virginia Retirement System bought a new stake in Paychex during the first quarter worth $284,000. Teachers Advisors Inc. increased its stake in Paychex by 16.6% in the first quarter. Teachers Advisors Inc. now owns 386,988 shares of the company’s stock worth $20,901,000 after buying an additional 55,144 shares during the last quarter. Columbia Partners L L C Investment Management increased its stake in Paychex by 6.5% in the first quarter. Columbia Partners L L C Investment Management now owns 16,368 shares of the company’s stock worth $884,000 after buying an additional 996 shares during the last quarter. Aviva PLC increased its stake in Paychex by 1.6% in the first quarter. Aviva PLC now owns 166,817 shares of the company’s stock worth $9,010,000 after buying an additional 2,565 shares during the last quarter. Finally, Carnick & Kubik LLC increased its stake in Paychex by 1.8% in the first quarter. Carnick & Kubik LLC now owns 14,157 shares of the company’s stock worth $765,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 69.33% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.02% during midday trading on Friday, hitting $56.23. The stock had a trading volume of 546,976 shares. Paychex Inc. has a 1-year low of $45.76 and a 1-year high of $61.87. The firm’s 50-day moving average price is $58.93 and its 200-day moving average price is $56.68. The stock has a market cap of $20.34 billion, a price-to-earnings ratio of 26.65 and a beta of 0.87.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to analyst estimates of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. Analysts forecast that Paychex Inc. will post $2.22 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.27%. The ex-dividend date is Friday, October 28th. Paychex’s dividend payout ratio is 87.20%.
PAYX has been the subject of a number of recent analyst reports. Argus reiterated a “buy” rating and set a $70.00 target price (up from $59.50) on shares of Paychex in a research report on Friday, July 1st. Zacks Investment Research cut Paychex from a “buy” rating to a “hold” rating in a report on Saturday, July 2nd. BMO Capital Markets reissued a “market perform” rating and set a $58.00 price target (up previously from $55.00) on shares of Paychex in a report on Tuesday, July 5th. Jefferies Group reissued an “underperform” rating and set a $40.00 price target on shares of Paychex in a report on Tuesday, July 5th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $56.00 price target (up previously from $51.00) on shares of Paychex in a report on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and an average target price of $54.00.
In related news, Director Joseph Doody sold 44,441 shares of Paychex stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the sale, the director now owns 19,158 shares of the company’s stock, valued at $1,159,250.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Gioja sold 6,190 shares of Paychex stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $60.23, for a total value of $372,823.70. Following the sale, the insider now directly owns 62,174 shares of the company’s stock, valued at approximately $3,744,740.02. The disclosure for this sale can be found here. Corporate 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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