Kestra Investment Management LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,473 shares of the business services provider’s stock, valued at approximately $600,000.
Several other hedge funds have also modified their holdings of PAYX. Erste Asset Management GmbH purchased a new position in Paychex during the third quarter worth approximately $6,051,000. Cobblestone Capital Advisors LLC NY lifted its position in shares of Paychex by 1.0% during the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 57,778 shares of the business services provider’s stock valued at $7,753,000 after buying an additional 590 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Paychex in the 3rd quarter valued at $2,426,000. L.M. Kohn & Company increased its holdings in Paychex by 3.3% in the 3rd quarter. L.M. Kohn & Company now owns 8,361 shares of the business services provider’s stock worth $1,122,000 after acquiring an additional 269 shares in the last quarter. Finally, Kolinsky Wealth Management LLC raised its position in Paychex by 2.0% during the third quarter. Kolinsky Wealth Management LLC now owns 5,087 shares of the business services provider’s stock worth $683,000 after acquiring an additional 101 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.
Paychex Trading Up 0.4 %
Shares of PAYX opened at $146.27 on Monday. Paychex, Inc. has a 12-month low of $114.72 and a 12-month high of $150.71. The firm has a market capitalization of $52.64 billion, a P/E ratio of 31.19, a P/E/G ratio of 4.02 and a beta of 0.99. The firm has a 50-day moving average price of $141.39 and a 200 day moving average price of $130.83. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.
Paychex Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.68%. The ex-dividend date was Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is presently 83.58%.
Insider Buying and Selling at Paychex
In related news, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was 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 in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,174 shares of company stock worth $7,577,231 over the last three months. Insiders own 11.40% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group increased their target price on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Barclays lifted their price target on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Royal Bank of Canada increased their price objective on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $131.62.
View Our Latest Stock Analysis on PAYX
Paychex 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.
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