Trust Co. of Vermont decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 56,504 shares of the business services provider’s stock after selling 794 shares during the quarter. Trust Co. of Vermont’s holdings in Paychex were worth $4,649,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Glassman Wealth Services lifted its stake in shares of Paychex by 125.0% in the 1st quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 170 shares during the period. FinTrust Capital Advisors LLC lifted its stake 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 valued at $25,000 after purchasing an additional 122 shares during the period. TCI Wealth Advisors Inc. increased its position in shares of Paychex by 404.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after buying an additional 255 shares in the last quarter. Ellevest Inc. bought a new stake in shares of Paychex in the 1st quarter valued at $27,000. Finally, Manchester Financial Inc. bought a new stake in shares of Paychex in the 2nd quarter valued at $29,000. 69.45% of the stock is currently owned by institutional investors.
A number of analysts recently commented on the stock. Sanford C. Bernstein cut shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. BidaskClub upgraded shares of Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. William Blair restated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Finally, 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. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus price target of $75.08.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). The firm had revenue of $980.40 million for 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%. Paychex’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the company posted $0.61 EPS. Equities analysts expect that Paychex, Inc. will post 3.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is presently 87.32%.
In other Paychex news, VP Robert L. Schrader sold 751 shares of the stock in a transaction dated Saturday, August 3rd. The stock was sold at an average price of $83.89, for a total transaction of $63,001.39. Following the completion of the transaction, the vice president now owns 9,166 shares in the company, valued at approximately $768,935.74. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $86.76, for a total value of $1,292,116.68. Following the transaction, the insider now owns 63,039 shares of the company’s stock, valued at approximately $5,469,263.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,941 shares of company stock valued at $8,168,191. Corporate insiders own 11.80% of the company’s stock.
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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