Founders Financial Alliance LLC Purchases New Shares in Paychex, Inc. (NASDAQ:PAYX)

Founders Financial Alliance LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 1,985 shares of the business services provider’s stock, valued at approximately $235,000.

A number of other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. raised its holdings 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 during the period. ORG Partners LLC increased its stake in Paychex by 227.6% in 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 bought a new stake in shares of Paychex during the second quarter worth $30,000. Chilton Capital Management LLC purchased a new stake in shares of Paychex during the first quarter valued at $31,000. Finally, ESL Trust Services LLC bought a new position in shares of Paychex in the first quarter worth about $31,000. Institutional investors own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Morgan Stanley decreased their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. Barclays increased their price target on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Finally, Bank of America lifted their price objective on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Two research 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 currently has a consensus rating of “Hold” and an average target price of $125.62.

Insider Transactions at Paychex

In related news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction 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 directly owns 55,745 shares in the company, valued at approximately $6,663,199.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John B. Gibson sold 12,670 shares of Paychex 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 of the company’s stock, valued at $6,663,199.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,673 shares of company stock valued at $5,636,085. Corporate insiders own 11.50% of the company’s stock.

Paychex Stock Up 4.9 %

NASDAQ:PAYX opened at $140.79 on Wednesday. The company’s 50-day simple moving average is $129.53 and its 200-day simple moving average is $124.49. 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 fifty-two week low of $106.27 and a fifty-two week high of $141.59. The stock has a market capitalization of $50.68 billion, a P/E ratio of 30.15, a P/E/G ratio of 3.54 and a beta of 1.00.

Paychex Dividend Announcement

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 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio is currently 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.