Evergreen Capital Management LLC Purchases 650 Shares of Paychex, Inc. (NASDAQ:PAYX)

Evergreen Capital Management LLC lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 11.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,483 shares of the business services provider’s stock after buying an additional 650 shares during the period. Evergreen Capital Management LLC’s holdings in Paychex were worth $769,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PAYX. Meeder Asset Management Inc. lifted its position 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 worth $26,000 after acquiring an additional 163 shares in the last quarter. ORG Partners LLC lifted its holdings 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 bought a new position in Paychex in the 2nd quarter worth about $30,000. Chilton Capital Management LLC purchased a new position in Paychex during the 1st quarter valued at about $31,000. Finally, ESL Trust Services LLC bought a new stake in shares of Paychex during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PAYX. JPMorgan Chase & Co. boosted their price objective on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Barclays boosted their price target on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Thursday, June 27th. TD Cowen boosted their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday, September 12th. Finally, Morgan Stanley decreased their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note 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.com, the company currently has an average rating of “Hold” and a consensus target price of $124.08.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $133.63 on Wednesday. The stock’s 50-day moving average is $128.47 and its 200 day moving average is $124.03. The stock has a market cap of $48.07 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 3.55 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $137.40. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were paid a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.93%. Paychex’s dividend payout ratio (DPR) is currently 83.94%.

Insider Transactions at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction dated 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 directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Mark Anthony Bottini sold 8,954 shares of the company’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 completion of the sale, the vice president now directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the sale, the chairman now directly owns 437,345 shares in the company, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,163 shares of company stock worth $17,537,817. Company insiders own 11.50% of the company’s stock.

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.