LaFleur & Godfrey LLC cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,920 shares of the business services provider’s stock after selling 2,548 shares during the period. Paychex accounts for 3.3% of LaFleur & Godfrey LLC’s holdings, making the stock its 11th largest position. LaFleur & Godfrey LLC’s holdings in Paychex were worth $13,077,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of PAYX. M Holdings Securities Inc. acquired a new stake in shares of Paychex in the first quarter valued at approximately $214,000. Great Valley Advisor Group Inc. increased its stake in Paychex by 18.3% in the second quarter. Great Valley Advisor Group Inc. now owns 4,130 shares of the business services provider’s stock valued at $340,000 after acquiring an additional 639 shares during the last quarter. Mechanics Bank Trust Department increased its stake in Paychex by 2.0% in the second quarter. Mechanics Bank Trust Department now owns 25,348 shares of the business services provider’s stock valued at $2,086,000 after acquiring an additional 490 shares during the last quarter. Northeast Financial Consultants Inc bought a new position in Paychex in the first quarter valued at approximately $694,000. Finally, Envestnet Asset Management Inc. increased its stake in Paychex by 16.6% in the first quarter. Envestnet Asset Management Inc. now owns 273,029 shares of the business services provider’s stock valued at $21,897,000 after acquiring an additional 38,873 shares during the last quarter. Hedge funds and other institutional investors own 69.50% of the company’s stock.
A number of brokerages recently issued reports on PAYX. Bank of America cut shares of 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. BidaskClub cut shares of Paychex from a “buy” rating to a “hold” rating in a research note on Saturday, August 24th. Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $77.00 to $74.00 in a research note on Thursday, August 15th. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Finally, Cowen started coverage on shares of Paychex in a research note on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $76.00.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.02). The business had revenue of $980.40 million during the quarter, compared to the consensus estimate of $978.94 million. Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business’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 earned $0.61 EPS. As a group, equities analysts anticipate that Paychex, Inc. will post 3.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 1st were issued a $0.62 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $2.48 annualized dividend and a yield of 3.00%. Paychex’s payout ratio is 87.32%.
In related news, CFO Efrain Rivera sold 476 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $85.72, for a total value of $40,802.72. Following the transaction, the chief financial officer now owns 62,192 shares in the company, valued at $5,331,098.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Laurie L. Zaucha sold 5,859 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $83.31, for a total transaction of $488,113.29. Following the completion of the transaction, the vice president now owns 44,280 shares in the company, valued at approximately $3,688,966.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,996 shares of company stock worth $4,763,436. 11.80% of the stock is owned by company insiders.
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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