Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Sfmg LLC

Sfmg LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,151 shares of the business services provider’s stock after purchasing an additional 98 shares during the quarter. Sfmg LLC’s holdings in Paychex were worth $848,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its stake 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 during the period. ORG Partners LLC increased its stake in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after acquiring an additional 173 shares during the period. ESL Trust Services LLC acquired a new position in shares of Paychex during the first quarter worth about $31,000. Chilton Capital Management LLC acquired a new position in Paychex during the first quarter worth about $31,000. Finally, American National Bank grew its position in Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after buying an additional 180 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Down 0.3 %

Shares of NASDAQ PAYX opened at $133.63 on Wednesday. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $137.40. The company has a market capitalization of $48.07 billion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 3.55 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The firm’s 50-day moving average is $128.47 and its two-hundred day moving average is $124.03.

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

Paychex Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 27th. Bank of America upped their target price on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Barclays upped their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, TD Cowen upped their target price on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $124.08.

Insider Activity at Paychex

In related news, CEO John B. Gibson sold 12,670 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were 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 owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO John B. Gibson sold 12,670 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were 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 owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,163 shares of company stock valued at $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.