Iberiabank Corp Reduces Position in Paychex, Inc. (NASDAQ:PAYX)

Iberiabank Corp reduced its holdings in Paychex, Inc. (NASDAQ:PAYX) by 59.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,316 shares of the business services provider’s stock after selling 4,952 shares during the period. Iberiabank Corp’s holdings in Paychex were worth $251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Larson Financial Group LLC acquired a new stake in Paychex in the 2nd quarter valued at about $26,000. Quadrant Capital Group LLC grew its position in shares of Paychex by 388.1% in the fourth quarter. Quadrant Capital Group LLC now owns 493 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 392 shares in the last quarter. Bainco International Investors acquired a new stake in shares of Paychex in the first quarter valued at approximately $32,000. Ellevest Inc. lifted its position in Paychex by 217.9% during the first quarter. Ellevest Inc. now owns 534 shares of the business services provider’s stock worth $34,000 after buying an additional 366 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in Paychex during the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

In other Paychex news, CEO Martin Mucci sold 106,422 shares of the firm’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $73.05, for a total transaction of $7,774,127.10. Following the transaction, the chief executive officer now owns 419,197 shares of the company’s stock, valued at $30,622,340.85. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mark Anthony Bottini sold 10,942 shares of Paychex stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $73.30, for a total value of $802,048.60. Following the sale, the vice president now owns 76,404 shares in the company, valued at approximately $5,600,413.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 616,149 shares of company stock worth $45,164,779. Company insiders own 11.70% of the company’s stock.

A number of brokerages have issued reports on PAYX. Morgan Stanley raised their target price on Paychex from $68.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. BMO Capital Markets lifted their target price on shares of Paychex from $70.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Deutsche Bank dropped their price target on shares of Paychex from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Wednesday, May 20th. Jefferies Financial Group increased their price objective on Paychex from $68.00 to $75.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Finally, Goldman Sachs Group started coverage on Paychex in a research note on Tuesday, July 14th. They issued a “sell” rating and a $64.00 price target on the stock. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $72.50.

PAYX stock opened at $71.92 on Friday. Paychex, Inc. has a 1 year low of $47.87 and a 1 year high of $90.54. The firm has a market capitalization of $25.80 billion, a P/E ratio of 23.66, a P/E/G ratio of 3.27 and a beta of 0.95. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 1.23. The business’s 50-day moving average is $73.79 and its two-hundred day moving average is $74.13.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, July 7th. The business services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. Paychex had a net margin of 27.18% and a return on equity of 40.76%. The company had revenue of $915.10 million during the quarter, compared to analysts’ expectations of $910.68 million. During the same quarter in the previous year, the business posted $0.63 EPS. The firm’s revenue was down 6.7% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post 2.75 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Monday, August 3rd will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Friday, July 31st. Paychex’s dividend payout ratio is presently 82.67%.

Paychex Company 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.

See Also: Are FAANG stocks a good investment?

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.