Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Advisor Partners LLC

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Advisor Partners LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 15.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,133 shares of the business services provider’s stock after purchasing an additional 1,359 shares during the quarter. Advisor Partners LLC’s holdings in Paychex were worth $839,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of PAYX. Enterprise Financial Services Corp raised its position in shares of Paychex by 21.1% in the second quarter. Enterprise Financial Services Corp now owns 723 shares of the business services provider’s stock worth $59,000 after buying an additional 126 shares in the last quarter. Greenleaf Trust raised its position in shares of Paychex by 3.8% in the second quarter. Greenleaf Trust now owns 3,636 shares of the business services provider’s stock worth $299,000 after buying an additional 134 shares in the last quarter. Rockland Trust Co. raised its position in shares of Paychex by 2.6% in the second quarter. Rockland Trust Co. now owns 5,497 shares of the business services provider’s stock worth $452,000 after buying an additional 138 shares in the last quarter. Geneva Partners LLC raised its position in shares of Paychex by 1.8% in the second quarter. Geneva Partners LLC now owns 8,530 shares of the business services provider’s stock worth $702,000 after buying an additional 150 shares in the last quarter. Finally, FinTrust Capital Advisors LLC raised its position in shares of Paychex by 50.3% in the second quarter. FinTrust Capital Advisors LLC now owns 466 shares of the business services provider’s stock worth $38,000 after buying an additional 156 shares in the last quarter. 69.98% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:PAYX traded up $0.37 on Friday, reaching $83.25. 1,718,500 shares of the company traded hands, compared to its average volume of 1,784,401. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $29.56 billion, a P/E ratio of 29.31, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89. The business’s 50-day simple moving average is $83.50 and its 200 day simple moving average is $84.04. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The business had revenue of $992.00 million for the quarter, compared to the consensus estimate of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. Sell-side analysts expect that Paychex, Inc. will post 3.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Friday, November 1st will be paid a $0.62 dividend. The ex-dividend date is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a yield of 2.98%. Paychex’s dividend payout ratio is currently 87.32%.

In other news, Director David J. S. Flaschen sold 13,052 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the transaction, the director now directly owns 43,564 shares in the company, valued at $3,681,158. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Pamela A. Joseph sold 22,339 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $85.06, for a total transaction of $1,900,155.34. Following the transaction, the director now owns 17,587 shares in the company, valued at $1,495,950.22. The disclosure for this sale can be found here. Insiders sold a total of 67,256 shares of company stock worth $5,707,113 over the last 90 days. Insiders own 11.70% of the company’s stock.

PAYX has been the topic of a number of research reports. Cowen initiated coverage on Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price target on the stock. Argus restated a “buy” rating and set a $92.00 price target on shares of Paychex in a research report on Thursday, October 3rd. Barclays raised their price target on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. ValuEngine downgraded Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $79.33.

Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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