Mattern Wealth Management LLC Has $403,000 Holdings in Paychex, Inc. (NASDAQ:PAYX)

Mattern Wealth Management LLC trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 21.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,002 shares of the business services provider’s stock after selling 816 shares during the period. Mattern Wealth Management LLC’s holdings in Paychex were worth $403,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Paychex by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock valued at $3,750,472,000 after buying an additional 123,268 shares during the period. Capital International Investors increased its position in Paychex by 12.8% in the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after purchasing an additional 2,373,894 shares during the period. Capital World Investors raised its holdings in Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after purchasing an additional 1,508,681 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Paychex by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock valued at $279,351,000 after purchasing an additional 384,184 shares during the period. Finally, TD Asset Management Inc boosted its stake in shares of Paychex by 57.2% in the 1st quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock valued at $267,695,000 after purchasing an additional 793,468 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Paychex news, VP Mark Anthony Bottini sold 8,954 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at $9,793,075.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the sale, the vice president now owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,177 shares of company stock worth $11,698,870. 11.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their price target on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. TD Cowen upped their price objective on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Bank of America increased their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Finally, Barclays boosted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus price target of $130.77.

Paychex Stock Down 0.2 %

PAYX stock traded down $0.26 during mid-day trading on Tuesday, hitting $140.83. 291,451 shares of the company were exchanged, compared to its average volume of 1,793,305. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $144.17. The firm’s 50 day simple moving average is $133.71 and its 200 day simple moving average is $126.37. The firm has a market cap of $50.69 billion, a P/E ratio of 30.21, a P/E/G ratio of 3.91 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the business posted $1.14 earnings per share. On average, sell-side analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.78%. Paychex’s dividend payout ratio is currently 83.94%.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.