Paragon Capital Management LLC grew its position in Paychex, Inc. (NASDAQ:PAYX) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,515 shares of the business services provider’s stock after buying an additional 496 shares during the quarter. Paychex accounts for approximately 4.6% of Paragon Capital Management LLC’s holdings, making the stock its 7th biggest holding. Paragon Capital Management LLC’s holdings in Paychex were worth $10,164,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in PAYX. FinTrust Capital Advisors LLC increased its position in shares of Paychex by 64.9% in the first quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Glassman Wealth Services increased its position in shares of Paychex by 125.0% in the first quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock valued at $25,000 after buying an additional 170 shares in the last quarter. Ellevest Inc. purchased a new position in shares of Paychex in the first quarter valued at $27,000. Manchester Financial Inc. purchased a new stake in Paychex during the 2nd quarter worth about $29,000. Finally, Covenant Multifamily Offices LLC purchased a new stake in Paychex during the 1st quarter worth about $33,000. Institutional investors and hedge funds own 70.84% of the company’s stock.
A number of research firms recently commented on PAYX. William Blair reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. BidaskClub upgraded Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Sanford C. Bernstein cut Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Finally, Bank of America cut 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 research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $76.20.
NASDAQ:PAYX traded down $1.27 during mid-day trading on Friday, reaching $80.97. The company’s stock had a trading volume of 13,010 shares, compared to its average volume of 1,727,403. The company’s fifty day simple moving average is $84.19 and its two-hundred day simple moving average is $82.16. 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, Inc. has a twelve month low of $61.32 and a twelve month high of $88.43. The stock has a market cap of $29.45 billion, a P/E ratio of 28.50, a P/E/G ratio of 2.95 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. During the same period in the previous year, the business posted $0.61 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts expect that Paychex, Inc. will post 3.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Wednesday, July 31st. Paychex’s payout ratio is 87.32%.
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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