Mawer Investment Management Ltd. grew its position in Paychex, Inc. (NASDAQ:PAYX) by 8.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 886,961 shares of the business services provider’s stock after buying an additional 71,360 shares during the quarter. Mawer Investment Management Ltd. owned 0.25% of Paychex worth $72,988,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of PAYX. Dimensional Fund Advisors LP grew its holdings in shares of Paychex by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,211,954 shares of the business services provider’s stock valued at $78,958,000 after acquiring an additional 89,380 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Paychex by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock valued at $339,236,000 after buying an additional 270,888 shares during the last quarter. Strs Ohio raised its position in shares of Paychex by 30.8% during the first quarter. Strs Ohio now owns 21,907 shares of the business services provider’s stock valued at $1,756,000 after buying an additional 5,161 shares during the last quarter. CWM LLC raised its position in shares of Paychex by 36.0% during the first quarter. CWM LLC now owns 1,871 shares of the business services provider’s stock valued at $150,000 after buying an additional 495 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its position in shares of Paychex by 27.7% during the first quarter. Douglas Lane & Associates LLC now owns 4,302 shares of the business services provider’s stock valued at $345,000 after buying an additional 933 shares during the last quarter. Institutional investors own 70.84% of the company’s stock.
A number of brokerages have recently commented on PAYX. Bank of America lowered shares of Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $77.00 to $74.00 in a research note on Thursday, August 15th. Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Finally, William Blair reaffirmed a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus price target of $76.20.
In related news, CFO Efrain Rivera sold 476 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $85.72, for a total transaction of $40,802.72. Following the sale, the chief financial officer now directly owns 62,192 shares in the company, valued at $5,331,098.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert L. Schrader sold 609 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $83.88, for a total transaction of $51,082.92. Following the completion of the transaction, the vice president now directly owns 9,166 shares of the company’s stock, valued at approximately $768,844.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,996 shares of company stock worth $4,763,436. 11.80% of the stock is currently owned by company insiders.
Shares of PAYX traded down $1.49 during mid-day trading on Friday, hitting $80.75. 345,948 shares of the company traded hands, compared to its average volume of 1,727,403. Paychex, Inc. has a one year low of $61.32 and a one year high of $88.43. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average of $84.19 and a 200 day moving average of $82.16. The stock has a market capitalization of $29.45 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 2.95 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The firm had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. During the same quarter last year, the business posted $0.61 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts anticipate that Paychex, Inc. will post 3.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 1st were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.07%. Paychex’s payout ratio is 87.32%.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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