TCM Advisors LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,300 shares of the business services provider’s stock, valued at approximately $718,000.
Other large investors have also added to or reduced their stakes in the company. 44 Wealth Management LLC boosted its position in Paychex by 2.7% during the second quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after purchasing an additional 86 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock valued at $381,000 after purchasing an additional 89 shares during the last quarter. Prosperity Consulting Group LLC raised its position in shares of Paychex by 1.4% in the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock valued at $922,000 after purchasing an additional 100 shares during the period. SBI Securities Co. Ltd. raised its position in shares of Paychex by 14.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock valued at $90,000 after purchasing an additional 101 shares during the period. Finally, Zacks Investment Management lifted its stake in shares of Paychex by 5.1% during the 3rd quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock worth $265,000 after buying an additional 101 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.
Paychex Trading Down 0.0%
Shares of NASDAQ:PAYX opened at $124.47 on Monday. The company has a market capitalization of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $141.19. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The business’s 50 day simple moving average is $111.08 and its 200 day simple moving average is $99.99.
Paychex Announces Dividend
The business also recently declared 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 (DPR) is presently 97.34%.
Analysts Set New Price Targets
PAYX has been the subject of several research analyst reports. Citigroup lifted their target price on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. TD Cowen increased their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a report on Monday, June 8th. Morgan Stanley raised their price objective on shares of Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Stifel Nicolaus boosted their price objective on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. Finally, Weiss Ratings raised Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $109.20.
View Our Latest Analysis on Paychex
Insider Transactions at Paychex
In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the transaction, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is owned by insiders.
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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