Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,024 shares of the business services provider’s stock after purchasing an additional 4,286 shares during the quarter. AQR Capital Management LLC’s holdings in Paychex were worth $21,419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. 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 period. ORG Partners LLC grew its position 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 purchasing an additional 173 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in Paychex during the 2nd quarter valued at $30,000. Chilton Capital Management LLC purchased a new stake in shares of Paychex in the first quarter valued at $31,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Paychex in the first quarter worth $31,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $134.19 on Tuesday. The business’s 50-day simple moving average is $129.19 and its 200-day simple moving average is $124.34. 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. The firm has a market cap of $48.30 billion, a price-to-earnings ratio of 28.73, a P/E/G ratio of 3.54 and a beta of 1.00.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio is 83.94%.

Insider Transactions at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the transaction, the vice president now owns 79,232 shares in the company, valued at approximately $9,793,075.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at $674,005.43. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction on 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 owns 79,232 shares in the company, valued at approximately $9,793,075.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,673 shares of company stock worth $5,636,085. 11.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on PAYX shares. Barclays raised their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Bank of America lifted their target price on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Morgan Stanley dropped their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. TD Cowen lifted their price objective on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a research report on Thursday, September 12th. Finally, Robert W. Baird dropped their target price on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $125.62.

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.