Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,290 shares of the business services provider’s stock after purchasing an additional 281 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Paychex worth $28,488,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Capital International Investors boosted its holdings in Paychex by 12.8% during the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after buying an additional 2,373,894 shares in the last quarter. Capital World Investors boosted its stake in shares of Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after acquiring an additional 1,508,681 shares in the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Paychex in the 1st quarter worth approximately $146,617,000. TD Asset Management Inc increased its stake in Paychex by 57.2% in the 1st quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock valued at $267,695,000 after purchasing an additional 793,468 shares in the last quarter. Finally, FIL Ltd raised its holdings in Paychex by 32.4% during the fourth quarter. FIL Ltd now owns 2,548,000 shares of the business services provider’s stock worth $303,492,000 after purchasing an additional 623,000 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PAYX. Morgan Stanley lowered their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a report on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Thursday, June 27th. Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Citigroup raised their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Finally, TD Cowen upped their target price on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a research note on Thursday, September 12th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $125.62.

Paychex Stock Performance

NASDAQ PAYX opened at $134.19 on Tuesday. The firm has a market capitalization of $48.30 billion, a P/E ratio of 28.73, a P/E/G ratio of 3.54 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. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $137.40. The business’s 50-day simple moving average is $129.19 and its 200-day simple moving average is $124.34.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 8th were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 2.92%. Paychex’s payout ratio is 83.94%.

Insider Transactions at Paychex

In other Paychex news, CEO John B. Gibson sold 12,670 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $119.53, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Paychex news, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction that occurred on 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 owns 79,232 shares in the company, valued at approximately $9,793,075.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO John B. Gibson sold 12,670 shares of the firm’s 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 sale, the chief executive officer now directly owns 55,745 shares of the company’s stock, valued at approximately $6,663,199.85. The disclosure for this sale can be found here. Insiders sold 45,673 shares of company stock valued at $5,636,085 over the last quarter. 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.