Paychex, Inc. (NASDAQ:PAYX) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,953 shares of the business services provider’s stock after buying an additional 20,361 shares during the quarter. CIBC Asset Management Inc’s holdings in Paychex were worth $17,573,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its holdings in shares of Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 163 shares during the last quarter. ORG Partners LLC raised its stake in Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. ESL Trust Services LLC purchased a new position in Paychex in the 1st quarter valued at $31,000. Fortitude Family Office LLC boosted its stake in Paychex by 42.0% during the 3rd 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. Finally, American National Bank grew its holdings in shares of Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after buying an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of PAYX stock opened at $142.96 on Friday. Paychex, Inc. has a one year low of $114.72 and a one year high of $150.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s 50 day moving average price is $139.03 and its 200-day moving average price is $128.96. The firm has a market cap of $51.45 billion, a P/E ratio of 30.48, a P/E/G ratio of 4.03 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 EPS. As a group, equities research analysts predict that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.74%. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

Insider Activity

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of Paychex 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 completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 64.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 42.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PAYX shares. Jefferies Financial Group boosted their price target on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. TD Cowen upped their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. UBS Group lifted their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus upped their target price on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their price target on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, Paychex currently has an average rating of “Hold” and a consensus target price of $130.77.

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.