Donaldson Capital Management LLC increased its position in Paychex, Inc. (NASDAQ:PAYX) by 5.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,861 shares of the business services provider’s stock after buying an additional 483 shares during the period. Donaldson Capital Management LLC’s holdings in Paychex were worth $522,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Iberiabank Corp boosted its stake in Paychex by 7.4% in the fourth quarter. Iberiabank Corp now owns 92,625 shares of the business services provider’s stock valued at $5,639,000 after buying an additional 6,402 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in Paychex by 0.8% in the fourth quarter. Disciplined Growth Investors Inc. MN now owns 641,485 shares of the business services provider’s stock valued at $39,054,000 after buying an additional 4,965 shares in the last quarter. Amtrust Financial Services Inc. acquired a new stake in Paychex during the fourth quarter valued at approximately $1,260,000. Franklin Street Advisors Inc. NC boosted its stake in Paychex by 7.1% in the first quarter. Franklin Street Advisors Inc. NC now owns 99,336 shares of the business services provider’s stock valued at $5,851,000 after buying an additional 6,623 shares in the last quarter. Finally, Good Life Advisors LLC acquired a new stake in Paychex during the fourth quarter valued at approximately $355,000. Institutional investors own 68.51% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at 59.24 on Friday. The firm has a 50-day moving average price of $58.80 and a 200-day moving average price of $59.95. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The firm has a market cap of $21.28 billion, a PE ratio of 26.93 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 29th. The business services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. Paychex had a return on equity of 42.04% and a net margin of 25.75%. The firm had revenue of $795.80 million for the quarter, compared to the consensus estimate of $799.08 million. During the same quarter in the prior year, the business earned $0.50 EPS. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts predict that Paychex, Inc. will post $2.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Wednesday, May 10th were issued a dividend of $0.46 per share. The ex-dividend date was Monday, May 8th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.11%. Paychex’s dividend payout ratio (DPR) is 85.58%.
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PAYX has been the subject of several recent analyst reports. BMO Capital Markets decreased their target price on Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research note on Thursday, March 30th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a research note on Tuesday. Wedbush reaffirmed a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Finally, Jefferies Group LLC reaffirmed a “sell” rating and set a $50.00 target price on shares of Paychex in a research note on Tuesday, March 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.52.
In related news, VP Mark Anthony Bottini sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $60.01, for a total value of $2,100,350.00. Following the sale, the vice president now owns 47,007 shares in the company, valued at approximately $2,820,890.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Grant M. Inman sold 10,654 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $57.75, for a total value of $615,268.50. Following the completion of the sale, the director now owns 32,514 shares in the company, valued at approximately $1,877,683.50. The disclosure for this sale can be found here. Insiders have sold a total of 64,654 shares of company stock worth $3,827,829 in the last quarter. Company 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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