BTIM Corp. Raises Stake in Paychex, Inc. (NASDAQ:PAYX)

BTIM Corp. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,379 shares of the business services provider’s stock after buying an additional 369 shares during the period. BTIM Corp.’s holdings in Paychex were worth $2,755,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bruderman Asset Management LLC increased its stake in Paychex by 0.3% in the first quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock valued at $400,000 after buying an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC boosted its position in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after buying an additional 24 shares in the last quarter. King Wealth Management Group LLC boosted its position in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in shares of Paychex by 1.0% in the first quarter. Flagship Harbor Advisors LLC now owns 4,199 shares of the business services provider’s stock valued at $248,000 after buying an additional 42 shares in the last quarter. Finally, Cambridge Trust Co. boosted its position in shares of Paychex by 1.1% in the first quarter. Cambridge Trust Co. now owns 4,118 shares of the business services provider’s stock valued at $243,000 after buying an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 68.60% of the company’s stock.

Shares of Paychex, Inc. (NASDAQ PAYX) opened at 54.24 on Friday. The company’s 50-day moving average is $57.04 and its 200-day moving average is $59.00. The firm has a market cap of $19.49 billion, a P/E ratio of 24.11 and a beta of 0.96. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. Equities research analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a $0.50 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Friday, July 28th.

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PAYX has been the topic of several recent research reports. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Wedbush reaffirmed a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Finally, Robert W. Baird lowered their price objective on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $59.16.

In other Paychex news, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the sale, the chief executive officer now directly owns 237,754 shares in the company, valued at $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the sale, the insider now owns 55,632 shares in the company, valued at $3,193,276.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,497 shares of company stock worth $5,300,889. Company insiders own 11.60% of the company’s stock.

Paychex Company Profile

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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