Whittier Trust Co. of Nevada Inc. cut its stake in Paychex Inc. (NASDAQ:PAYX) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 31,148 shares of the company’s stock after selling 18 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Paychex were worth $1,853,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Jolley Asset Management LLC increased its position in shares of 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 increased its position in shares of 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 purchased a new position in shares of Paychex during the second quarter valued at about $111,000. Washington Trust Bank increased its position in shares of 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 increased its position in shares of 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. Hedge funds and other institutional investors own 69.31% of the company’s stock.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.42% during mid-day trading on Wednesday, hitting $56.82. 2,047,074 shares of the stock were exchanged. The company has a market cap of $20.55 billion, a P/E ratio of 26.93 and a beta of 0.87. Paychex Inc. has a 52-week low of $45.76 and a 52-week high of $61.87. The stock’s 50-day moving average price is $59.65 and its 200-day moving average price is $56.62.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. Paychex’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the business earned $0.52 EPS. Equities research analysts anticipate that Paychex Inc. will post $2.22 earnings per share for the current fiscal year.
Several research firms have recently weighed in on PAYX. Zacks Investment Research raised shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Wednesday, June 15th. Sanford C. Bernstein raised shares of Paychex to a “sell” rating in a report on Monday, July 11th. Argus reissued a “buy” rating and set a $70.00 price objective (up from $59.50) on shares of Paychex in a report on Friday, July 1st. BMO Capital Markets reissued a “market perform” rating and set a $58.00 price objective (up from $55.00) 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 objective (up 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 company. The stock has a consensus rating of “Hold” and an average target price of $54.00.
In other Paychex news, VP John B. Gibson sold 11,450 shares of Paychex stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $59.00, for a total transaction of $675,550.00. Following the completion of the sale, the vice president now directly owns 21,451 shares in the company, valued at approximately $1,265,609. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Efrain Rivera sold 7,235 shares of Paychex stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $61.33, for a total transaction of $443,722.55. 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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