NEXT Financial Group Inc Purchases 731 Shares of Paychex, Inc. (NASDAQ:PAYX)

NEXT Financial Group Inc boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 55.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,044 shares of the business services provider’s stock after acquiring an additional 731 shares during the period. NEXT Financial Group Inc’s holdings in Paychex were worth $168,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PAYX. FinTrust Capital Advisors LLC lifted its position in shares of Paychex by 64.9% in the 1st quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock worth $25,000 after purchasing an additional 122 shares during the period. Exeter Financial LLC lifted its position in shares of Paychex by 1.0% in the 1st quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after purchasing an additional 128 shares during the period. Carlton Hofferkamp & Jenks Wealth Management LLC lifted its position in shares of Paychex by 1.0% in the 1st quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,562 shares of the business services provider’s stock worth $1,088,000 after purchasing an additional 130 shares during the period. Pinnacle Financial Partners Inc. lifted its position in shares of Paychex by 1.4% in the 1st quarter. Pinnacle Financial Partners Inc. now owns 9,667 shares of the business services provider’s stock worth $775,000 after purchasing an additional 138 shares during the period. Finally, Rockland Trust Co. lifted its position in shares of Paychex by 2.6% in the 2nd quarter. Rockland Trust Co. now owns 5,497 shares of the business services provider’s stock worth $452,000 after purchasing an additional 138 shares during the period. 69.45% of the stock is currently owned by institutional investors and hedge funds.

Shares of PAYX stock opened at $82.08 on Tuesday. The business has a 50 day moving average of $84.97. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43. The company has a market capitalization of $29.06 billion, a price-to-earnings ratio of 28.79, a PEG ratio of 3.02 and a beta of 0.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.02). The business had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. Paychex had a net margin of 27.42% and a return on equity of 40.99%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 earnings per share. Sell-side analysts forecast that Paychex, Inc. will post 3.09 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 1st will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.48 annualized dividend and a yield of 3.02%. Paychex’s dividend payout ratio (DPR) is 87.32%.

In other Paychex news, Director Pamela A. Joseph sold 15,052 shares of Paychex stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $84.39, for a total transaction of $1,270,238.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $84.24, for a total transaction of $842,400.00. Following the transaction, the vice president now directly owns 31,701 shares in the company, valued at approximately $2,670,492.24. The disclosure for this sale can be found here. Insiders have sold 95,941 shares of company stock valued at $8,168,191 over the last 90 days. 11.80% of the stock is currently owned by company insiders.

PAYX has been the subject of a number of recent research reports. Bank of America cut shares of Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. William Blair reissued a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Finally, BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. Paychex has a consensus rating of “Hold” and an average price target of $75.08.

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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