Kentucky Retirement Systems raised its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 32.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,835 shares of the business services provider’s stock after buying an additional 6,576 shares during the quarter. Kentucky Retirement Systems’ holdings in Paychex were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also modified their holdings of the company. Hilton Head Capital Partners LLC acquired a new position in Paychex in the fourth quarter valued at $31,000. Cornerstone Planning Group LLC increased its position in Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after acquiring an additional 268 shares during the period. Kingdom Financial Group LLC. purchased a new stake in Paychex during the 4th quarter valued at approximately $33,000. Acumen Wealth Advisors LLC purchased a new position in shares of Paychex in the 4th quarter valued at approximately $34,000. Finally, Wealth Watch Advisors INC acquired a new position in shares of Paychex in the third quarter valued at approximately $42,000. 83.47% of the stock is owned by institutional investors and hedge funds.
Paychex Price Performance
PAYX stock opened at $116.33 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock’s 50 day moving average price is $104.03 and its 200 day moving average price is $98.48. The firm has a market cap of $41.38 billion, a P/E ratio of 23.79 and a beta of 0.84. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $146.83.
Paychex Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 4.1%. Paychex’s dividend payout ratio (DPR) is 97.34%.
Insider Buying and Selling at Paychex
In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the transaction, the director owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.80% of the company’s stock.
Analyst Ratings Changes
PAYX has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, June 25th. Cantor Fitzgerald restated an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. Stifel Nicolaus boosted their target price on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, June 17th. TD Cowen raised their price target on Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a report on Monday, June 8th. Finally, Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $108.20.
View Our Latest Report on Paychex
Paychex Company Profile
Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.
Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.
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