Cumberland Partners Ltd Has $1.74 Million Stake in Paychex, Inc. (NASDAQ:PAYX)

Cumberland Partners Ltd raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 62.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,000 shares of the business services provider’s stock after acquiring an additional 5,000 shares during the period. Cumberland Partners Ltd’s holdings in Paychex were worth $1,744,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CVA Family Office LLC grew its position in Paychex by 5.6% during the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after buying an additional 74 shares in the last quarter. Fortitude Family Office LLC grew its holdings in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares during the last quarter. Kanawha Capital Management LLC increased its position in Paychex by 1.8% in the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock valued at $575,000 after acquiring an additional 75 shares in the last quarter. Daymark Wealth Partners LLC raised its position in Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock worth $1,167,000 after purchasing an additional 82 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in shares of Paychex by 1.2% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock valued at $873,000 after acquiring an additional 85 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Trading Up 0.1 %

Shares of PAYX traded up $0.22 during trading hours on Tuesday, hitting $148.95. 90,203 shares of the stock were exchanged, compared to its average volume of 1,779,815. Paychex, Inc. has a fifty-two week low of $113.87 and a fifty-two week high of $150.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The business has a 50-day moving average of $138.10 and a 200-day moving average of $128.52. The firm has a market capitalization of $53.61 billion, a P/E ratio of 31.71, a price-to-earnings-growth ratio of 4.08 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company posted $1.14 earnings per share. On average, research analysts expect that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.63%. Paychex’s dividend payout ratio (DPR) is currently 83.58%.

Analysts Set New Price Targets

PAYX has been the topic of several research reports. Royal Bank of Canada upped their price target on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. UBS Group increased their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Citigroup increased their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Jefferies Financial Group raised their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley raised their price target on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average price target of $130.77.

Insiders Place Their Bets

In other news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,174 shares of company stock valued at $7,577,231. Insiders own 11.40% of the company’s stock.

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.