Chase Investment Counsel Corp Acquires 260 Shares of Paychex, Inc. (NASDAQ:PAYX)

Chase Investment Counsel Corp increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,566 shares of the business services provider’s stock after acquiring an additional 260 shares during the period. Chase Investment Counsel Corp’s holdings in Paychex were worth $422,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Meeder Asset Management Inc. raised its stake in Paychex by 286.0% during the 2nd 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 during the period. ORG Partners LLC raised its stake in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares during the period. ESL Trust Services LLC acquired a new stake in Paychex during the 1st quarter worth $31,000. Chilton Capital Management LLC acquired a new stake in Paychex during the 1st quarter worth $31,000. Finally, American National Bank raised its stake in Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after buying an additional 180 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

NASDAQ:PAYX opened at $132.99 on Monday. The stock’s 50-day simple moving average is $128.96 and its 200 day simple moving average is $124.25. The company has a market cap of $47.84 billion, a P/E ratio of 28.48, a P/E/G ratio of 3.54 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $137.40.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. TD Cowen boosted their price target on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a report on Thursday, September 12th. Citigroup boosted their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Bank of America boosted their price target on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Finally, Robert W. Baird cut their price target on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $125.62.

Insiders Place Their Bets

In other Paychex news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the transaction, the chief executive officer now owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the completion of the sale, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction that occurred on 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 owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The disclosure for this sale can be found here. Insiders have sold a total of 45,673 shares of company stock valued at $5,636,085 over the last 90 days. 11.50% of the stock is currently owned by insiders.

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.