Navalign LLC Reduces Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Navalign LLC lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 26.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,540 shares of the business services provider’s stock after selling 928 shares during the period. Navalign LLC’s holdings in Paychex were worth $303,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. ST Germain D J Co. Inc. purchased a new stake in shares of Paychex during the second quarter worth $26,000. OFI Invest Asset Management purchased a new stake in shares of Paychex during the third quarter worth $26,000. Carmel Capital Partners LLC purchased a new stake in shares of Paychex during the third quarter worth $28,000. Larson Financial Group LLC raised its position in shares of Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after buying an additional 130 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. purchased a new stake in shares of Paychex in the third quarter worth $33,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 1.0 %

Shares of NASDAQ:PAYX traded up $1.27 on Thursday, reaching $122.80. 1,616,753 shares of the company traded hands, compared to its average volume of 1,677,974. The business’s 50-day simple moving average is $121.95 and its 200 day simple moving average is $119.51. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The stock has a market capitalization of $44.19 billion, a P/E ratio of 27.29, a price-to-earnings-growth ratio of 3.23 and a beta of 0.94. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a dividend of $0.89 per share. The ex-dividend date was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.90%. Paychex’s dividend payout ratio (DPR) is currently 79.11%.

Paychex announced that its board has initiated a stock buyback program on Friday, January 19th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research report on Friday, December 22nd. Barclays lowered their price objective 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. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday. Citigroup lowered their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 26th. Finally, Stifel Nicolaus increased their target price on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and a consensus target price of $122.77.

Insider Activity

In other news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction dated 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 directly owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.50% of the company’s stock.

Paychex Company Profile

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.