Cypress Capital Group decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 146,056 shares of the business services provider’s stock after selling 4,913 shares during the period. Paychex comprises about 2.0% of Cypress Capital Group’s portfolio, making the stock its 11th largest position. Cypress Capital Group’s holdings in Paychex were worth $8,603,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of PAYX. Parkside Financial Bank & Trust boosted its stake in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Denver Investment Advisors LLC raised its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the period. King Wealth Management Group LLC raised 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 during the period. Finally, Mosaic Family Wealth LLC raised its position in shares of Paychex by 35.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,803 shares of the business services provider’s stock valued at $224,000 after buying an additional 985 shares during the period. 68.46% of the stock is currently owned by institutional investors.
Paychex, Inc. (PAYX) traded down 0.11% during trading on Friday, hitting $56.09. The company had a trading volume of 1,952,980 shares. The firm’s 50 day moving average is $58.16 and its 200-day moving average is $59.28. The stock has a market capitalization of $20.16 billion, a price-to-earnings ratio of 24.93 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 announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same period in the previous year, the company earned $0.49 earnings per share. Paychex’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 3.57%.
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Several research analysts have issued reports on PAYX shares. Morgan Stanley dropped their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Wedbush reiterated a “neutral” rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $59.16.
In other Paychex news, insider Efrain Rivera sold 5,837 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 $334,985.43. Following the transaction, the insider now directly owns 53,395 shares in the company, valued at $3,064,339.05. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $409,707.21. Following the completion of the transaction, the vice president now owns 46,548 shares in the company, valued at $2,671,389.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,151 shares of company stock valued at $5,916,158. 11.60% of the stock is 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.
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