Savvy Advisors Inc. Has $365,000 Stake in Paychex, Inc. (NASDAQ:PAYX)

Savvy Advisors Inc. raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 29.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,720 shares of the business services provider’s stock after acquiring an additional 623 shares during the period. Savvy Advisors Inc.’s holdings in Paychex were worth $365,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Paychex by 1.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 831,967 shares of the business services provider’s stock worth $111,642,000 after buying an additional 12,178 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Paychex by 5.7% in the third quarter. Apollon Wealth Management LLC now owns 29,234 shares of the business services provider’s stock valued at $3,923,000 after buying an additional 1,564 shares during the last quarter. WCM Investment Management LLC acquired a new position in Paychex during the 3rd quarter worth about $315,000. Nations Financial Group Inc. IA ADV grew its holdings in Paychex by 8.1% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 19,520 shares of the business services provider’s stock worth $2,619,000 after acquiring an additional 1,462 shares during the last quarter. Finally, Versor Investments LP acquired a new stake in Paychex in the 3rd quarter valued at about $866,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Barclays raised their price target on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Morgan Stanley upped their price target on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. TD Cowen boosted their price objective on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada increased their target price on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $130.77.

Insider Activity at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,174 shares of company stock valued at $7,577,231. Corporate insiders own 11.40% of the company’s stock.

Paychex Stock Performance

NASDAQ PAYX opened at $148.00 on Wednesday. The company has a fifty day moving average price of $138.10 and a 200-day moving average price of $128.52. The firm has a market cap of $53.27 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 4.09 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. Paychex, Inc. has a 1 year low of $113.87 and a 1 year high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm earned $1.14 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.65%. Paychex’s dividend payout ratio (DPR) is currently 83.58%.

Paychex 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.