Oppenheimer & Co. Inc. lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,851 shares of the business services provider’s stock after purchasing an additional 200 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Paychex were worth $1,222,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in PAYX. BlackRock Inc. boosted its stake in Paychex by 12.3% in the 1st quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock valued at $2,523,549,000 after buying an additional 3,435,500 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Paychex by 11.0% in the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after buying an additional 919,406 shares in the last quarter. Northern Trust Corp boosted its stake in Paychex by 2.1% in the 1st quarter. Northern Trust Corp now owns 5,676,852 shares of the business services provider’s stock valued at $455,285,000 after buying an additional 117,877 shares in the last quarter. Geode Capital Management LLC boosted its stake in Paychex by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock valued at $339,236,000 after buying an additional 270,888 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Paychex by 2.7% in the 1st quarter. Swiss National Bank now owns 1,848,703 shares of the business services provider’s stock valued at $148,266,000 after buying an additional 48,700 shares in the last quarter. 70.84% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on PAYX shares. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Finally, Morgan Stanley lowered Paychex from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $77.00 to $74.00 in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $76.20.
Paychex stock traded up $0.27 on Friday, reaching $84.07. The company’s stock had a trading volume of 837,707 shares, compared to its average volume of 1,249,504. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.17 and a current ratio of 1.17. The company has a market cap of $30.11 billion, a price-to-earnings ratio of 29.60, a PEG ratio of 3.02 and a beta of 0.88. The business’s fifty day moving average price is $83.01 and its 200 day moving average price is $82.69. Paychex, Inc. has a twelve month low of $61.32 and a twelve month high of $88.43.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). The business had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. Paychex had a return on equity of 40.99% and a net margin of 27.42%. Paychex’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.61 EPS. As a group, equities analysts forecast that Paychex, Inc. will post 3.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.95%. Paychex’s payout ratio is currently 87.32%.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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