Chemung Canal Trust Co. Sells 121 Shares of Paychex, Inc. (NASDAQ:PAYX)

Chemung Canal Trust Co. cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,888 shares of the business services provider’s stock after selling 121 shares during the period. Chemung Canal Trust Co.’s holdings in Paychex were worth $826,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mutual Advisors LLC increased its stake in shares of Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock valued at $423,000 after buying an additional 73 shares in the last quarter. CVA Family Office LLC grew its holdings in Paychex by 5.6% during the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after acquiring an additional 74 shares during the last quarter. Fortitude Family Office LLC raised its stake in shares of Paychex by 42.0% in the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares during the last quarter. Kanawha Capital Management LLC lifted its position in shares of Paychex by 1.8% during the third quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after purchasing an additional 75 shares in the last quarter. Finally, Baron Wealth Management LLC grew its stake in shares of Paychex by 2.2% during the third quarter. Baron Wealth Management LLC now owns 3,628 shares of the business services provider’s stock valued at $487,000 after purchasing an additional 79 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several research reports. Jefferies Financial Group upped their price objective on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. TD Cowen upped their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. UBS Group upped their target price on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $132.23.

Paychex Trading Up 0.9 %

Shares of NASDAQ PAYX opened at $146.11 on Friday. The stock has a market cap of $52.61 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 3.95 and a beta of 1.00. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company’s fifty day moving average is $142.12 and its 200-day moving average is $135.96.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.12 by $0.02. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the company posted $1.08 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s dividend payout ratio (DPR) is presently 82.53%.

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.