Cooper Haims Advisors LLC cut its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 21.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,616 shares of the business services provider’s stock after selling 16,980 shares during the period. Paychex comprises approximately 2.4% of Cooper Haims Advisors LLC’s holdings, making the stock its 11th largest holding. Cooper Haims Advisors LLC’s holdings in Paychex were worth $6,059,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Cornerstone Planning Group LLC grew its position in Paychex by 957.1% in the fourth 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. Hilton Head Capital Partners LLC bought a new position in shares of Paychex during the fourth quarter valued at $31,000. Kingdom Financial Group LLC. acquired a new stake in shares of Paychex in the 4th quarter valued at $33,000. Leonteq Securities AG boosted its stake in shares of Paychex by 2,669.2% in the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 347 shares in the last quarter. Finally, Field & Main Bank bought a new stake in shares of Paychex in the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.
Paychex Price Performance
PAYX opened at $127.34 on Tuesday. Paychex, Inc. has a one year low of $85.45 and a one year high of $139.53. 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 company’s 50 day simple moving average is $114.39 and its 200-day simple moving average is $101.17. The stock has a market capitalization of $45.29 billion, a P/E ratio of 26.04 and a beta of 0.81.
Paychex Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were issued a $1.19 dividend. The ex-dividend date was Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 3.7%. Paychex’s dividend payout ratio (DPR) is currently 97.34%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on PAYX shares. Jefferies Financial Group increased their target price on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. Stifel Nicolaus upped their price objective on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. Citigroup raised their price objective on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. boosted their target price on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, June 25th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. One investment 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 stock has an average rating of “Hold” and a consensus price target of $109.20.
Read Our Latest Stock Analysis on PAYX
Insider Transactions 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 transaction of $383,862.75. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the company’s 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 transaction, the chief financial officer owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by company insiders.
Paychex 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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