First Financial Bank Trust Division boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 77,046 shares of the business services provider’s stock after buying an additional 933 shares during the period. First Financial Bank Trust Division’s holdings in Paychex were worth $4,387,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. GW&K Investment Management LLC boosted its position in shares of Paychex by 2.6% in the second quarter. GW&K Investment Management LLC now owns 623,309 shares of the business services provider’s stock valued at $35,491,000 after buying an additional 15,930 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Paychex by 7.0% in the second quarter. Bank of Montreal Can now owns 371,075 shares of the business services provider’s stock valued at $21,129,000 after buying an additional 24,198 shares during the period. Confluence Investment Management LLC raised its stake in shares of Paychex by 11.9% in the second quarter. Confluence Investment Management LLC now owns 1,639,156 shares of the business services provider’s stock valued at $93,334,000 after buying an additional 174,436 shares during the period. Appleton Partners Inc. MA raised its stake in shares of Paychex by 53.9% in the second quarter. Appleton Partners Inc. MA now owns 11,105 shares of the business services provider’s stock valued at $632,000 after buying an additional 3,890 shares during the period. Finally, Iberiabank Corp raised its stake in shares of Paychex by 4.6% in the second quarter. Iberiabank Corp now owns 87,610 shares of the business services provider’s stock valued at $4,989,000 after buying an additional 3,874 shares during the period. 68.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (NASDAQ:PAYX) traded up 0.02% during trading on Friday, reaching $54.99. The company had a trading volume of 2,041,361 shares. The firm has a 50-day moving average price of $56.62 and a 200-day moving average price of $58.78. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The company has a market capitalization of $19.76 billion, a P/E ratio of 24.44 and a beta of 0.96.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be paid a $0.50 dividend. The ex-dividend date is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Paychex’s previous quarterly dividend of $0.46.
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Several analysts recently issued reports on PAYX shares. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Wedbush restated a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective on the stock in a report on Wednesday. They noted that the move was a valuation call. Finally, BMO Capital Markets restated a “hold” rating and issued a $60.00 price objective on shares of Paychex in a report on Thursday, June 29th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $59.28.
In related news, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the sale, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Mucci sold 30,000 shares of the firm’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 approximately $13,561,488.16. The disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is currently owned by company 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.
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