Paychex, Inc. (NASDAQ:PAYX) Position Increased by Cyndeo Wealth Partners LLC

Cyndeo Wealth Partners LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 16.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,077 shares of the business services provider’s stock after purchasing an additional 426 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Paychex were worth $413,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital International Investors increased its stake in shares of Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after purchasing an additional 2,373,894 shares during the last quarter. Capital World Investors boosted its holdings in Paychex by 155.6% in the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after purchasing an additional 1,508,681 shares in the last quarter. TD Asset Management Inc increased its position in Paychex by 57.2% during the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock worth $267,695,000 after buying an additional 793,468 shares during the last quarter. Nordea Investment Management AB raised its holdings in Paychex by 85.1% during the first quarter. Nordea Investment Management AB now owns 1,259,393 shares of the business services provider’s stock valued at $154,263,000 after buying an additional 579,136 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its position in shares of Paychex by 30.9% in the first quarter. Epoch Investment Partners Inc. now owns 1,676,521 shares of the business services provider’s stock worth $205,877,000 after buying an additional 395,343 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,177 shares of company stock worth $11,698,870. 11.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Barclays raised their price objective on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Jefferies Financial Group lifted their price target on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Citigroup upped their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. UBS Group lifted their target price on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, Paychex currently has an average rating of “Hold” and an average target price of $130.77.

Paychex Stock Down 0.3 %

NASDAQ PAYX opened at $141.09 on Tuesday. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $144.17. The stock has a market cap of $50.79 billion, a PE ratio of 30.21, a PEG ratio of 3.91 and a beta of 1.00. The firm has a 50-day simple moving average of $133.71 and a 200 day simple moving average of $126.37. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

Paychex (NASDAQ:PAYX) last announced 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. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company earned $1.14 EPS. On average, research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.78%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is presently 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.