BSW Wealth Partners purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 2,087 shares of the business services provider’s stock, valued at approximately $204,000.
Other institutional investors have also made changes to their positions in the company. Wealth Alliance boosted its stake in shares of Paychex by 3.6% during the first quarter. Wealth Alliance now owns 3,164 shares of the business services provider’s stock valued at $310,000 after purchasing an additional 109 shares during the period. CVA Family Office LLC raised its stake in shares of Paychex by 19.3% during the first quarter. CVA Family Office LLC now owns 710 shares of the business services provider’s stock valued at $70,000 after acquiring an additional 115 shares in the last quarter. Leelyn Smith LLC boosted its holdings in shares of Paychex by 6.7% in the first quarter. Leelyn Smith LLC now owns 1,931 shares of the business services provider’s stock valued at $189,000 after purchasing an additional 121 shares during the period. Strategy Asset Managers LLC increased its holdings in Paychex by 1.2% during the 1st quarter. Strategy Asset Managers LLC now owns 10,127 shares of the business services provider’s stock worth $993,000 after purchasing an additional 122 shares during the period. Finally, ICW Investment Advisors LLC raised its position in Paychex by 5.0% during the 1st quarter. ICW Investment Advisors LLC now owns 2,590 shares of the business services provider’s stock valued at $254,000 after purchasing an additional 123 shares in the last quarter. 69.79% of the stock is currently owned by institutional investors.
In related news, Director David J. S. Flaschen sold 10,850 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $112.41, for a total value of $1,219,648.50. Following the completion of the sale, the director now owns 1,879 shares of the company’s stock, valued at approximately $211,218.39. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP John B. Gibson sold 113,318 shares of the business’s stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $99.29, for a total transaction of $11,251,344.22. Insiders have sold 413,004 shares of company stock worth $44,629,618 in the last quarter. Company insiders own 11.70% of the company’s stock.
Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, June 24th. The business services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Paychex had a net margin of 27.05% and a return on equity of 38.04%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $980.02 million. During the same quarter in the prior year, the business posted $0.61 EPS. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities analysts anticipate that Paychex, Inc. will post 3.38 EPS for the current year.
Paychex announced that its board has initiated a stock repurchase program on Thursday, July 8th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to purchase up to 1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 26th. Stockholders of record on Monday, August 2nd will be paid a $0.66 dividend. The ex-dividend date of this dividend is Friday, July 30th. This represents a $2.64 annualized dividend and a dividend yield of 2.37%. Paychex’s payout ratio is 86.84%.
A number of research firms recently weighed in on PAYX. The Goldman Sachs Group upped their price objective on shares of Paychex from $85.00 to $89.00 and gave the stock a “sell” rating in a research note on Wednesday, April 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Paychex from $98.00 to $103.00 and gave the company a “hold” rating in a report on Monday, June 28th. Cowen lifted their target price on shares of Paychex from $96.00 to $106.00 and gave the stock a “market perform” rating in a research note on Monday, June 28th. Argus upped their price target on shares of Paychex from $106.00 to $118.00 and gave the company a “buy” rating in a research note on Monday, June 28th. Finally, Wolfe Research lifted their price objective on shares of Paychex from $94.00 to $105.00 and gave the stock an “underperform” rating in a research note on Friday, July 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $103.35.
Paychex Company Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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