Cypress Capital Group raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,905 shares of the business services provider’s stock after acquiring an additional 2,310 shares during the quarter. Paychex comprises 1.8% of Cypress Capital Group’s investment portfolio, making the stock its 12th biggest holding. Cypress Capital Group’s holdings in Paychex were worth $8,674,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Advisors Preferred LLC boosted its position in shares of Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares in the last quarter. Clarus Wealth Advisors bought a new position in shares of Paychex during the 2nd quarter worth about $109,000. Summit Trail Advisors LLC boosted its position in shares of Paychex by 17,216.0% during the 1st quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock worth $117,000 after purchasing an additional 115,864 shares in the last quarter. Fort L.P. bought a new position in shares of Paychex during the 2nd quarter worth about $121,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of Paychex during the 1st quarter worth about $137,000. 66.99% of the stock is currently owned by institutional investors and hedge funds.
PAYX opened at $74.38 on Friday. Paychex, Inc. has a fifty-two week low of $57.36 and a fifty-two week high of $74.92. The stock has a market capitalization of $26.61 billion, a P/E ratio of 30.25, a price-to-earnings-growth ratio of 3.18 and a beta of 0.96.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $2.24 annualized dividend and a yield of 3.01%. Paychex’s dividend payout ratio (DPR) is 87.84%.
A number of equities research analysts recently weighed in on PAYX shares. Guggenheim started coverage on shares of Paychex in a report on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price on the stock. BidaskClub lowered shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Stifel Nicolaus upped their target price on shares of Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, June 28th. Credit Suisse Group started coverage on shares of Paychex in a report on Friday, August 10th. They issued a “neutral” rating and a $72.00 target price on the stock. Finally, Citigroup upped their target price on shares of Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, June 28th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus target price of $68.42.
In other Paychex news, Director Joseph M. Tucci sold 6,250 shares of the stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $68.63, for a total value of $428,937.50. Following the completion of the sale, the director now owns 55,010 shares in the company, valued at approximately $3,775,336.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Martin Mucci sold 74,742 shares of the stock in a transaction dated Friday, July 6th. The shares were sold at an average price of $69.66, for a total transaction of $5,206,527.72. Following the completion of the sale, the chief executive officer now owns 276,754 shares of the company’s stock, valued at approximately $19,278,683.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 248,559 shares of company stock valued at $17,599,054. Company 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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