Parallel Advisors LLC Raises Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Parallel Advisors LLC raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 10.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,374 shares of the business services provider’s stock after acquiring an additional 909 shares during the period. Parallel Advisors LLC’s holdings in Paychex were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PAYX. Meeder Asset Management Inc. raised its holdings in Paychex by 286.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares during the period. ORG Partners LLC raised its holdings in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after buying an additional 173 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Paychex during the 2nd quarter valued at $30,000. Chilton Capital Management LLC purchased a new stake in Paychex during the 1st quarter valued at $31,000. Finally, ESL Trust Services LLC purchased a new stake in Paychex in the first quarter worth $31,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the transaction, the director now owns 5,383 shares in the company, valued at $676,104.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the transaction, the director now owns 5,383 shares in the company, valued at $676,104.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Insiders have sold 147,163 shares of company stock worth $17,537,817 over the last quarter. Insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on PAYX shares. TD Cowen lifted their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Barclays decreased their target price on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Bank of America lifted their target price on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Finally, JPMorgan Chase & Co. lifted their target price on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex currently has an average rating of “Hold” and a consensus target price of $123.00.

Paychex Stock Performance

Shares of Paychex stock opened at $135.09 on Monday. The firm has a market cap of $48.60 billion, a P/E ratio of 28.93, a P/E/G ratio of 3.52 and a beta of 1.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12 month low of $106.27 and a 12 month high of $136.40. The stock’s fifty day moving average price is $126.36 and its 200-day moving average price is $123.42.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $3.92 annualized dividend and a yield of 2.90%. Paychex’s dividend payout ratio (DPR) is presently 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.