Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.7% in the 2nd quarter, Holdings Channel reports. The firm owned 24,142 shares of the business services provider’s stock after selling 178 shares during the period. Kentucky Retirement Systems’ holdings in Paychex were worth $2,862,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PAYX. Meeder Asset Management Inc. lifted its position in shares of 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 acquiring an additional 163 shares during the last quarter. ORG Partners LLC raised its position in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Paychex during the second quarter valued at $30,000. Chilton Capital Management LLC acquired a new position in shares of Paychex in the 1st quarter valued at $31,000. Finally, ESL Trust Services LLC purchased a new position in Paychex in the 1st quarter worth about $31,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

PAYX opened at $133.26 on Friday. 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 1 year low of $106.27 and a 1 year high of $137.40. The stock has a fifty day moving average price of $128.03 and a 200 day moving average price of $123.80. The stock has a market cap of $47.94 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 3.58 and a beta of 1.00.

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

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were issued a dividend of $0.98 per share. The ex-dividend date was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.94%. Paychex’s dividend payout ratio is currently 83.94%.

Insider Activity at Paychex

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the 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 $51,287,448.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the completion of the sale, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Martin Mucci sold 101,490 shares of the firm’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 completion of the transaction, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,163 shares of company stock valued at $17,537,817. Insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays reduced their price objective on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Monday, July 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Thursday, June 27th. Bank of America lifted their price objective on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Morgan Stanley reduced their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Finally, TD Cowen raised their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, Paychex currently has an average rating of “Hold” and a consensus target price of $123.00.

About Paychex

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.