Quantbot Technologies LP acquired a new position in Paychex, Inc. (NASDAQ:PAYX – Free Report) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 15,329 shares of the business services provider’s stock, valued at approximately $1,507,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Evolve Private Wealth LLC acquired a new position in Paychex during the 2nd quarter valued at about $456,000. XXEC Inc. acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $1,123,016,000. Westpac Banking Corp acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $1,406,000. TRB Wealth Management LLC bought a new stake in shares of Paychex during the second quarter worth approximately $327,000. Finally, Sumitomo Life Insurance Co. bought a new stake in shares of Paychex during the second quarter worth approximately $7,267,000. 83.47% of the stock is owned by institutional investors.
Paychex Stock Up 1.2%
Shares of NASDAQ PAYX opened at $126.01 on Tuesday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $140.56. 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 has a market cap of $44.82 billion, a P/E ratio of 25.77 and a beta of 0.81. The firm has a 50 day moving average price of $111.58 and a 200 day moving average price of $100.20.
Paychex Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a $1.19 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.8%. Paychex’s dividend payout ratio is currently 97.34%.
Insider Buying and Selling at Paychex
In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the business’s 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 completion of the transaction, the director directly owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the sale, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.80% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the stock. TD Cowen increased their price objective on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a report on Monday, June 8th. Citigroup upped their target price on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. UBS Group increased their price target on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Stifel Nicolaus raised their price target on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, June 17th. Finally, Jefferies Financial Group upped their price objective on Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Paychex presently has an average rating of “Hold” and an average target price of $109.20.
Get Our Latest Stock Report on Paychex
About Paychex
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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