Kornitzer Capital Management Inc. KS reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 122,098 shares of the business services provider’s stock after selling 1,685 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Paychex were worth $8,345,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Select Equity Group L.P. grew its holdings in Paychex by 12.9% during the first quarter. Select Equity Group L.P. now owns 8,689,359 shares of the business services provider’s stock worth $535,178,000 after acquiring an additional 995,527 shares during the period. Mcdonald Capital Investors Inc. CA boosted its position in shares of Paychex by 1.2% in the 1st quarter. Mcdonald Capital Investors Inc. CA now owns 2,082,948 shares of the business services provider’s stock valued at $128,289,000 after purchasing an additional 24,383 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Paychex by 18.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,935,855 shares of the business services provider’s stock valued at $119,230,000 after purchasing an additional 306,547 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Paychex by 10.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,177,043 shares of the business services provider’s stock worth $80,451,000 after acquiring an additional 106,735 shares during the period. Finally, Guggenheim Capital LLC boosted its position in Paychex by 9.8% during the 1st quarter. Guggenheim Capital LLC now owns 1,011,310 shares of the business services provider’s stock worth $62,286,000 after acquiring an additional 89,938 shares during the period. Institutional investors own 66.94% of the company’s stock.
Shares of PAYX stock traded up $0.38 on Friday, reaching $73.25. 1,546,900 shares of the stock were exchanged, compared to its average volume of 2,166,901. The company has a market cap of $25.99 billion, a P/E ratio of 28.73, a PEG ratio of 3.11 and a beta of 0.94. Paychex, Inc. has a one year low of $56.08 and a one year high of $73.40.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.06%. Paychex’s dividend payout ratio (DPR) is currently 87.84%.
A number of equities research analysts have commented on the company. Wolfe Research assumed coverage on Paychex in a research report on Tuesday, July 17th. They set a “market perform” rating for the company. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research note on Friday, May 18th. Credit Suisse Group started coverage on Paychex in a research note on Friday, August 10th. They issued a “neutral” rating and a $72.00 price objective on the stock. JPMorgan Chase & Co. downgraded Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target on the stock. in a research report on Tuesday, August 14th. Finally, Citigroup lifted their price objective on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. Paychex has a consensus rating of “Hold” and an average target price of $68.42.
In related news, CFO Efrain Rivera sold 3,902 shares of the stock in a transaction that occurred on Friday, July 6th. The stock was sold at an average price of $69.79, for a total transaction of $272,320.58. Following the completion of the transaction, the chief financial officer now directly owns 57,008 shares of the company’s stock, valued at $3,978,588.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. S. Flaschen sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $69.62, for a total value of $435,125.00. Following the completion of the sale, the director now owns 32,787 shares in the company, valued at approximately $2,282,630.94. The disclosure for this sale can be found here. Insiders sold 201,309 shares of company stock valued at $14,126,179 over the last 90 days. Corporate insiders own 11.70% of the company’s stock.
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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