Paychex, Inc. (NASDAQ:PAYX) Stake Reduced by Ingalls & Snyder LLC

Ingalls & Snyder LLC cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,025 shares of the business services provider’s stock after selling 145 shares during the period. Ingalls & Snyder LLC’s holdings in Paychex were worth $229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bruderman Asset Management LLC increased its position 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 last quarter. Northwest Quadrant Wealth Management LLC increased its position in 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 during the last quarter. King Wealth Management Group LLC increased its position in 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 during the last quarter. Washington Trust Bank increased its position in Paychex by 0.4% in the second quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock valued at $418,000 after buying an additional 31 shares during the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in 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 during the last quarter. Institutional investors and hedge funds own 68.60% of the company’s stock.

Paychex, Inc. (NASDAQ PAYX) opened at 54.24 on Friday. The stock’s 50 day moving average price is $57.04 and its 200-day moving average price is $59.00. The company has a market capitalization 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 released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. Analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.

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

ILLEGAL ACTIVITY NOTICE: “Paychex, Inc. (NASDAQ:PAYX) Stake Reduced by Ingalls & Snyder LLC” was reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece on another domain, it was copied illegally and republished in violation of United States & international copyright & trademark law. The correct version of this piece can be accessed at https://www.com-unik.info/2017/08/12/paychex-inc-nasdaqpayx-stake-reduced-by-ingalls-snyder-llc.html.

Several research analysts have weighed in on the company. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 price target (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley dropped their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Robert W. Baird dropped their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Finally, BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $59.16.

In other Paychex news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the sale, the vice president now owns 32,906 shares in the company, valued at $1,888,475.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the sale, the vice president now owns 46,548 shares in the company, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 in the last three months. 11.60% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

What are top analysts saying about Paychex Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Paychex Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit