Greatmark Investment Partners Inc. lowered its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,864 shares of the company’s stock after selling 1,535 shares during the period. Greatmark Investment Partners Inc.’s holdings in Paychex were worth $1,301,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Prudential PLC increased its position in shares of Paychex by 31.3% in the first quarter. Prudential PLC now owns 23,900 shares of the company’s stock valued at $1,291,000 after buying an additional 5,700 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Paychex by 5.9% in the first quarter. Geode Capital Management LLC now owns 3,289,199 shares of the company’s stock valued at $177,365,000 after buying an additional 182,390 shares in the last quarter. 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. Cleararc Capital Inc. increased its position in shares of Paychex by 0.9% in the first quarter. Cleararc Capital Inc. now owns 18,497 shares of the company’s stock valued at $999,000 after buying an additional 162 shares in the last quarter. Finally, Pictet Asset Management Ltd. increased its position in shares of Paychex by 6.1% in the first quarter. Pictet Asset Management Ltd. now owns 370,655 shares of the company’s stock valued at $19,048,000 after buying an additional 21,370 shares in the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.
Paychex Inc. (NASDAQ:PAYX) traded down 0.82% on Monday, hitting $55.74. 2,147,302 shares of the stock traded hands. The stock has a 50-day moving average price of $58.80 and a 200 day moving average price of $56.69. Paychex Inc. has a 1-year low of $45.76 and a 1-year high of $61.87. The company has a market cap of $20.16 billion, a price-to-earnings ratio of 26.42 and a beta of 0.88.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business earned $785.50 million during the quarter, compared to analyst estimates of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS. On average, analysts anticipate that Paychex Inc. will post $2.22 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be issued a $0.46 dividend. The ex-dividend date is Friday, October 28th. This represents a $1.84 dividend on an annualized basis and a yield of 3.30%. Paychex’s dividend payout ratio (DPR) is presently 87.20%.
A number of brokerages have weighed in on PAYX. Wedbush began coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 target price for the company. Jefferies Group reiterated an “underperform” rating and set a $40.00 price target on shares of Paychex in a research report on Tuesday, July 5th. BMO Capital Markets reiterated a “market perform” rating and set a $58.00 price target (up previously from $55.00) on shares of Paychex in a research report on Tuesday, July 5th. Zacks Investment Research upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $56.00 price target (up previously from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus target price of $54.00.
In other Paychex news, Director Joseph Doody sold 44,441 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the transaction, the director now owns 19,158 shares in the company, valued at approximately $1,159,250.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 11,450 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $59.00, for a total transaction of $675,550.00. Following the transaction, the vice president now owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. 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.