Argyle Capital Management Inc. continued to hold its position in Paychex Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 84,902 shares of the company’s stock at the end of the second quarter. Paychex makes up approximately 2.1% of Argyle Capital Management Inc.’s investment portfolio, making the stock its 8th largest position. Argyle Capital Management Inc.’s holdings in Paychex were worth $5,052,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in PAYX. Jolley Asset Management LLC raised its position in Paychex by 19.5% in the second quarter. Jolley Asset Management LLC now owns 1,835 shares of the company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Financial Architects Inc raised its position in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock valued at $109,000 after buying an additional 12 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in Paychex during the second quarter valued at about $111,000. Washington Trust Bank raised its position in Paychex by 15.3% in the second quarter. Washington Trust Bank now owns 2,086 shares of the company’s stock valued at $124,000 after buying an additional 277 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its position in Paychex by 81.9% in the first quarter. Loomis Sayles & Co. L P now owns 3,217 shares of the company’s stock valued at $174,000 after buying an additional 1,448 shares in the last quarter. 69.31% of the stock is owned by institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.76% during midday trading on Friday, hitting $59.91. The company had a trading volume of 1,230,700 shares. The firm has a market capitalization of $21.60 billion, a P/E ratio of 28.67 and a beta of 0.82. Paychex Inc. has a 1-year low of $45.55 and a 1-year high of $61.87. The stock has a 50 day moving average price of $59.91 and a 200 day moving average price of $56.25.
Paychex (NASDAQ:PAYX) last released its earnings results on Thursday, June 30th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Paychex had a net margin of 25.64% and a return on equity of 39.54%. The firm earned $753.90 million during the quarter. During the same quarter in the previous year, the business posted $0.44 earnings per share. Paychex’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, equities analysts anticipate that Paychex Inc. will post $2.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Monday, August 1st were issued a $0.46 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.42. This represents a $1.84 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Thursday, July 28th. Paychex’s payout ratio is presently 88.04%.
Several research firms have recently issued reports on PAYX. Zacks Investment Research raised Paychex from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Wednesday, June 15th. Sanford C. Bernstein raised Paychex to a “sell” rating in a report on Monday, July 11th. Argus reaffirmed a “buy” rating and issued a $70.00 target price (up from $59.50) on shares of Paychex in a report on Friday, July 1st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $58.00 target price (up from $55.00) on shares of Paychex in a report on Tuesday, July 5th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $56.00 target price (up 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 given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.
In related news, CEO Martin Mucci sold 65,965 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $60.63, for a total value of $3,999,457.95. Following the completion of the transaction, the chief executive officer now directly owns 246,516 shares in the company, valued at approximately $14,946,265.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Laurie L. Zaucha sold 26,605 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $58.06, for a total transaction of $1,544,686.30. Following the completion of the transaction, the vice president now owns 42,599 shares of the company’s stock, valued at $2,473,297.94. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by corporate insiders.
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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