Mechanics Bank Trust Department Reduces Stake in Paychex, Inc. (NASDAQ:PAYX)

Mechanics Bank Trust Department lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 2.1% in the first quarter, Holdings Channel reports. The institutional investor owned 22,025 shares of the business services provider’s stock after selling 465 shares during the quarter. Mechanics Bank Trust Department’s holdings in Paychex were worth $2,705,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Vanguard Group Inc. lifted its stake in Paychex by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 30,418,038 shares of the business services provider’s stock worth $3,623,093,000 after purchasing an additional 487,031 shares in the last quarter. Capital International Investors boosted its stake in Paychex by 9.0% during the fourth quarter. Capital International Investors now owns 18,504,389 shares of the business services provider’s stock valued at $2,204,115,000 after buying an additional 1,523,520 shares during the period. Morgan Stanley increased its stake in Paychex by 5.3% in the 3rd quarter. Morgan Stanley now owns 3,598,560 shares of the business services provider’s stock worth $415,022,000 after acquiring an additional 182,648 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Paychex by 2.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 2,687,859 shares of the business services provider’s stock valued at $320,151,000 after acquiring an additional 56,793 shares in the last quarter. Finally, FIL Ltd boosted its position in shares of Paychex by 32.4% during the 4th quarter. FIL Ltd now owns 2,548,000 shares of the business services provider’s stock valued at $303,492,000 after acquiring an additional 623,000 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Insider Transactions at Paychex

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the transaction, the director now owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 11.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Tuesday, May 21st. Bank of America lifted their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Wedbush reissued a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. TD Cowen dropped their price target on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Finally, Evercore ISI reiterated an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and an average target price of $123.00.

Get Our Latest Report on PAYX

Paychex Trading Down 0.4 %

Shares of Paychex stock traded down $0.49 on Tuesday, hitting $125.59. The stock had a trading volume of 1,113,257 shares, compared to its average volume of 1,770,372. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a one year low of $106.27 and a one year high of $129.70. The stock’s 50-day simple moving average is $122.35 and its two-hundred day simple moving average is $122.08. The stock has a market cap of $45.21 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 3.49 and a beta of 0.96.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS. As a group, sell-side analysts predict that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were issued a $0.98 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.92 annualized dividend and a yield of 3.12%. This is a boost from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio (DPR) is 85.40%.

About Paychex

(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.

See Also

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXFree Report).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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