Teza Capital Management LLC Reduces Stake in Paychex, Inc. (NASDAQ:PAYX)

Teza Capital Management LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 92.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,407 shares of the business services provider’s stock after selling 40,554 shares during the quarter. Teza Capital Management LLC’s holdings in Paychex were worth $393,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. purchased a new stake in Paychex in the 2nd quarter valued at $26,000. OFI Invest Asset Management purchased a new position in shares of Paychex during the 3rd quarter worth $26,000. Carmel Capital Partners LLC purchased a new position in shares of Paychex during the 3rd quarter worth $28,000. Larson Financial Group LLC grew its holdings in shares of Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after purchasing an additional 130 shares during the period. Finally, DHJJ Financial Advisors Ltd. purchased a new position in shares of Paychex during the 3rd quarter worth $33,000. 72.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 16,031 shares of the company’s stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $119.79, for a total value of $1,920,353.49. Following the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $644,829.57. The disclosure for this sale can be found here. Corporate insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several research reports. JPMorgan Chase & Co. decreased their target price on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research note on Friday, December 22nd. Stifel Nicolaus increased their target price on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research note on Friday, December 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Friday, December 22nd. UBS Group assumed coverage on Paychex in a research report on Tuesday, November 7th. They issued a “neutral” rating and a $120.00 price target on the stock. Finally, Barclays reduced their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus price target of $123.17.

Get Our Latest Stock Report on Paychex

Paychex Trading Up 0.1 %

PAYX opened at $122.34 on Tuesday. The firm has a market cap of $44.02 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 3.30 and a beta of 0.94. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The business’s 50 day moving average is $121.23 and its two-hundred day moving average is $119.52. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex (NASDAQ:PAYXGet Free Report) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $1.08 EPS for the quarter, topping the consensus estimate of $1.07 by $0.01. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.27 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share. On average, research analysts predict that Paychex, Inc. will post 4.72 EPS for the current year.

Paychex declared that its Board of Directors has authorized a share buyback program on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s payout ratio is currently 79.11%.

Paychex Company Profile

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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