Godsey & Gibb Inc. Trims Stake in Paychex, Inc. (NASDAQ:PAYX)

Godsey & Gibb Inc. reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 159,351 shares of the business services provider’s stock after selling 956 shares during the period. Paychex comprises 2.0% of Godsey & Gibb Inc.’s portfolio, making the stock its 23rd biggest position. Godsey & Gibb Inc.’s holdings in Paychex were worth $21,383,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Paychex by 42.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 32,317 shares of the business services provider’s stock worth $4,337,000 after purchasing an additional 9,681 shares during the last quarter. Compass Ion Advisors LLC lifted its stake in Paychex by 5.9% during the 3rd quarter. Compass Ion Advisors LLC now owns 5,135 shares of the business services provider’s stock valued at $689,000 after acquiring an additional 284 shares during the period. Cyndeo Wealth Partners LLC boosted its holdings in Paychex by 16.1% in the third quarter. Cyndeo Wealth Partners LLC now owns 3,077 shares of the business services provider’s stock valued at $413,000 after purchasing an additional 426 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in Paychex by 0.8% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 195,811 shares of the business services provider’s stock worth $26,276,000 after acquiring an additional 1,643 shares during the period. Finally, New Century Financial Group LLC grew its stake in shares of Paychex by 8.3% during the 3rd quarter. New Century Financial Group LLC now owns 5,540 shares of the business services provider’s stock worth $743,000 after purchasing an additional 424 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Paychex Trading Down 0.6 %

NASDAQ:PAYX opened at $141.53 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business’s 50-day simple moving average is $133.36 and its 200 day simple moving average is $126.22. The stock has a market cap of $50.95 billion, a price-to-earnings ratio of 30.31, a price-to-earnings-growth ratio of 3.91 and a beta of 1.00. Paychex, Inc. has a one year low of $106.27 and a one year high of $144.17.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the business earned $1.14 EPS. The firm’s revenue was up 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.77%. Paychex’s dividend payout ratio (DPR) is 83.94%.

Insider Transactions at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the transaction, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,177 shares of company stock valued at $11,698,870 in the last three months. 11.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Royal Bank of Canada lifted their price target on shares of Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Robert W. Baird dropped their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. UBS Group lifted their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Citigroup upped their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $130.77.

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.