Trade Report: The Paychex Inc. (PAYX) Position Maintained by Armbruster Capital Management Inc.

The Paychex Inc. (PAYX) Position Maintained by Armbruster Capital Management Inc.

Armbruster Capital Management Inc. held its stake in shares of Paychex Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,908 shares of the company’s stock at the end of the second quarter. Paychex makes up about 0.9% of Armbruster Capital Management Inc.’s portfolio, making the stock its 18th largest position. Armbruster Capital Management Inc.’s holdings in Paychex were worth $1,363,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Virginia Retirement System purchased a new stake in shares of Paychex during the first quarter valued at $284,000. Aviva PLC boosted its stake in shares of Paychex by 1.6% in the first quarter. Aviva PLC now owns 166,817 shares of the company’s stock valued at $9,010,000 after buying an additional 2,565 shares in the last quarter. Credit Agricole S A boosted its stake in shares of Paychex by 2.7% in the first quarter. Credit Agricole S A now owns 99,323 shares of the company’s stock valued at $5,364,000 after buying an additional 2,576 shares in the last quarter. BB&T Securities LLC boosted its stake in shares of Paychex by 516.9% in the first quarter. BB&T Securities LLC now owns 365,894 shares of the company’s stock valued at $19,761,000 after buying an additional 306,578 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Paychex by 50.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,295 shares of the company’s stock valued at $2,824,000 after buying an additional 17,584 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% during midday trading on Monday, hitting $55.74. The stock had a trading volume of 2,145,344 shares. Paychex Inc. has a 1-year low of $45.76 and a 1-year high of $61.87. The stock has a market capitalization of $20.16 billion, a PE ratio of 26.42 and a beta of 0.88. The stock’s 50-day moving average is $58.80 and its 200-day moving average is $56.69.

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, topping 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 the consensus estimate of $782.80 million. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Paychex Inc. will post $2.22 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 1st will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, October 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.30%. Paychex’s dividend payout ratio (DPR) is 87.20%.

PAYX has been the subject of a number of recent analyst reports. Jefferies Group reaffirmed an “underperform” rating and issued a $40.00 price target on shares of Paychex in a research note on Tuesday, July 5th. Zacks Investment Research cut Paychex from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Wedbush initiated coverage on Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target for the company. Morgan Stanley reaffirmed an “underweight” rating and issued a $49.00 price target on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $56.00 price target (up from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and an average price target of $54.00.

In other news, Director Joseph Doody sold 44,441 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the sale, the director now owns 19,158 shares in the company, valued at $1,159,250.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael E. Gioja sold 6,190 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $60.23, for a total value of $372,823.70. Following the sale, the insider now owns 62,174 shares of the company’s stock, valued at approximately $3,744,740.02. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.

About Paychex

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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