Smithfield Trust Co. maintained its stake in Paychex Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The firm owned 7,438 shares of the company’s stock at the end of the second quarter. Smithfield Trust Co.’s holdings in Paychex were worth $442,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in PAYX. Jolley Asset Management LLC raised its stake 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 during the last quarter. Financial Architects Inc raised its stake 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 during the last quarter. Americafirst Capital Management LLC purchased a new stake in Paychex during the second quarter valued at approximately $111,000. Washington Trust Bank raised its stake 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 during the last quarter. Finally, Loomis Sayles & Co. L P raised its stake 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 during the last quarter. 69.33% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex Inc. (NASDAQ:PAYX) traded up 0.04% on Friday, reaching $56.26. The company’s stock had a trading volume of 439,291 shares. The company has a 50 day moving average of $58.93 and a 200 day moving average of $56.68. The stock has a market capitalization of $20.35 billion, a P/E ratio of 26.66 and a beta of 0.87. Paychex Inc. has a 1-year low of $45.76 and a 1-year high of $61.87.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The company earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts expect that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 1st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Friday, October 28th. Paychex’s dividend payout ratio is currently 87.20%.
Several research firms have commented on PAYX. Sanford C. Bernstein raised shares of Paychex to a “sell” rating in a research report on Monday, July 11th. Argus reissued a “buy” rating and set a $70.00 price target (up from $59.50) on shares of Paychex in a research report on Friday, July 1st. BMO Capital Markets reissued a “market perform” rating and set a $58.00 price target (up from $55.00) 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 price objective (up previously from $51.00) on shares of Paychex in a report on Wednesday, July 6th. Seven analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.00.
In other news, insider Michael E. Gioja sold 6,190 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $60.23, for a total value of $372,823.70. Following the transaction, the insider now owns 62,174 shares of the company’s stock, valued at $3,744,740.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John B. Gibson sold 11,450 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $59.00, for a total value of $675,550.00. Following the completion of the transaction, the vice president now directly owns 21,451 shares in the company, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is owned by company 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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