Fiducient Advisors LLC Acquires New Position in Paychex, Inc. (NASDAQ:PAYX)

Fiducient Advisors LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) during the second quarter, Holdings Channel reports. The fund bought 2,354 shares of the business services provider’s stock, valued at approximately $279,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PAYX. Principal Securities Inc. purchased a new stake in shares of Paychex during the 4th quarter valued at approximately $1,350,000. VisionPoint Advisory Group LLC acquired a new stake in Paychex during the fourth quarter worth $53,000. Cary Street Partners Investment Advisory LLC increased its stake in Paychex by 9.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 7,207 shares of the business services provider’s stock worth $858,000 after acquiring an additional 608 shares during the last quarter. Johnson Investment Counsel Inc. raised its position in Paychex by 24.1% in the fourth quarter. Johnson Investment Counsel Inc. now owns 3,608 shares of the business services provider’s stock valued at $430,000 after purchasing an additional 700 shares during the period. Finally, JFS Wealth Advisors LLC lifted its stake in shares of Paychex by 47.9% in the 4th quarter. JFS Wealth Advisors LLC now owns 349 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 113 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Down 0.5 %

PAYX opened at $129.38 on Friday. The business has a fifty day moving average price of $124.75 and a 200 day moving average price of $123.06. 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 12 month low of $106.27 and a 12 month high of $133.12. The stock has a market capitalization of $46.57 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 3.47 and a beta of 1.00.

Paychex (NASDAQ:PAYXGet Free Report) 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 the consensus estimate of $1.10 by $0.02. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the business posted $0.97 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio is presently 83.94%.

Analysts Set New Price Targets

PAYX has been the subject of a number of recent analyst reports. Barclays cut their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. JPMorgan Chase & Co. lifted their price target on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Morgan Stanley decreased their price objective on shares of 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 set a $130.00 price objective on shares of Paychex in a research report on Thursday, June 27th. Finally, Bank of America boosted their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $122.62.

Get Our Latest Report on Paychex

Insider Activity

In related news, VP Mark Anthony Bottini sold 8,954 shares of the business’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 transaction, the vice president now owns 79,232 shares in the company, valued at $9,793,075.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Mark Anthony Bottini sold 8,954 shares of the firm’s 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 sale, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the transaction, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,163 shares of company stock worth $17,537,817. 11.50% of the stock is currently owned by corporate insiders.

About Paychex

(Free Report)

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.

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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