Thoroughbred Financial Services LLC Purchases 670 Shares of Paychex, Inc. (NASDAQ:PAYX)

Thoroughbred Financial Services LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 9.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,638 shares of the business services provider’s stock after purchasing an additional 670 shares during the period. Thoroughbred Financial Services LLC’s holdings in Paychex were worth $905,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. raised its position in shares of Paychex by 286.0% in the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after buying an additional 163 shares in the last quarter. ORG Partners LLC increased 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 worth $29,000 after acquiring an additional 173 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Paychex in the 2nd quarter valued at about $30,000. Chilton Capital Management LLC purchased a new stake in shares of Paychex in the 1st quarter valued at about $31,000. Finally, ESL Trust Services LLC bought a new stake in shares of Paychex during the 1st quarter valued at about $31,000. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total value of $1,106,714.40. Following the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,163 shares of company stock worth $17,537,817. 11.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PAYX has been the topic of several research analyst reports. TD Cowen upped their price objective on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday. Bank of America raised their price objective on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Barclays cut their target price on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Robert W. Baird reduced their target price on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, Morgan Stanley dropped their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Paychex has an average rating of “Hold” and an average price target of $123.00.

Paychex Trading Up 0.7 %

NASDAQ PAYX opened at $135.09 on Monday. The firm has a market cap of $48.60 billion, a PE ratio of 28.93, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $136.40. The stock has a 50-day moving average of $126.36 and a 200-day moving average of $123.42. 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 (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 earnings per share 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 firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, August 8th. 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.