Morgan Dempsey Capital Management LLC increased its position in Paychex Inc. (NASDAQ:PAYX) by 28.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,095 shares of the company’s stock after buying an additional 9,704 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Paychex were worth $2,624,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in PAYX. GW&K Investment Management LLC boosted its stake in Paychex by 6.5% in the second quarter. GW&K Investment Management LLC now owns 515,086 shares of the company’s stock worth $30,648,000 after buying an additional 31,217 shares during the last quarter. UMB Bank N A MO boosted its stake in Paychex by 3.3% in the second quarter. UMB Bank N A MO now owns 378,956 shares of the company’s stock worth $22,548,000 after buying an additional 11,964 shares during the last quarter. Sabal Trust CO boosted its stake in Paychex by 1.7% in the second quarter. Sabal Trust CO now owns 432,155 shares of the company’s stock worth $25,713,000 after buying an additional 7,236 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Paychex during the first quarter worth $25,052,000. Finally, Shell Asset Management Co. boosted its stake in Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock worth $14,719,000 after buying an additional 1,006 shares during the last quarter. 69.31% of the stock is currently owned by institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.46% during midday trading on Wednesday, hitting $56.80. 2,448,784 shares of the company’s stock traded hands. The company has a 50 day moving average of $59.65 and a 200 day moving average of $56.62. The stock has a market cap of $20.54 billion, a P/E ratio of 26.92 and a beta of 0.87. Paychex Inc. has a 52 week low of $45.76 and a 52 week high of $61.87.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results 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 business had revenue of $785.50 million for 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 business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 EPS. On average, equities analysts forecast that Paychex Inc. will post $2.22 EPS for the current fiscal year.
A number of analysts have weighed in on PAYX shares. Morgan Stanley reissued an “underweight” rating and set a $49.00 price objective on shares of Paychex in a report on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 target price (up from $40.00) on shares of Paychex in a research report on Tuesday, July 12th. Jefferies Group restated an “underperform” rating and set a $40.00 target price on shares of Paychex in a research report on Tuesday, July 5th. Zacks Investment Research lowered shares of Paychex from a “buy” rating to a “hold” rating in a research report on Saturday, July 2nd. Finally, Deutsche Bank AG restated a “hold” rating and set a $56.00 target price (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $54.00.
In other Paychex news, CFO Efrain Rivera sold 7,235 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $443,722.55. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Stephanie L. Schaeffer sold 3,438 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $61.33, for a total value of $210,852.54. The disclosure for this sale can be found here. Corporate insiders own 11.60% of the company’s stock.
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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