MainStreet Investment Advisors LLC Has $8.19 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

MainStreet Investment Advisors LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 87,901 shares of the business services provider’s stock after selling 5,614 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Paychex were worth $8,190,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hohimer Wealth Management LLC boosted its stake in Paychex by 0.8% during the fourth quarter. Hohimer Wealth Management LLC now owns 13,594 shares of the business services provider’s stock worth $1,267,000 after acquiring an additional 114 shares in the last quarter. Peapack Gladstone Financial Corp boosted its stake in Paychex by 2.2% during the third quarter. Peapack Gladstone Financial Corp now owns 5,460 shares of the business services provider’s stock worth $436,000 after acquiring an additional 117 shares in the last quarter. Wealth Alliance boosted its stake in Paychex by 4.1% during the third quarter. Wealth Alliance now owns 2,949 shares of the business services provider’s stock worth $235,000 after acquiring an additional 117 shares in the last quarter. Segment Wealth Management LLC boosted its stake in Paychex by 2.9% during the fourth quarter. Segment Wealth Management LLC now owns 4,306 shares of the business services provider’s stock worth $401,000 after acquiring an additional 120 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC boosted its stake in Paychex by 1.3% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 10,254 shares of the business services provider’s stock worth $955,000 after acquiring an additional 129 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

A number of research analysts have weighed in on PAYX shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $95.00 price objective (up from $85.00) on shares of Paychex in a research note on Wednesday, December 23rd. Moffett Nathanson raised their price objective on shares of Paychex from $100.00 to $105.00 in a research note on Monday, December 28th. Smith Barney Citigroup raised their price objective on shares of Paychex from $93.00 to $105.00 in a research note on Tuesday, January 5th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Paychex from $81.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, January 4th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on shares of Paychex from $93.00 to $105.00 in a research note on Tuesday, January 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Paychex currently has an average rating of “Hold” and an average price target of $87.67.

In related news, VP Robert L. Schrader sold 3,559 shares of the business’s stock in a transaction that occurred on Monday, December 28th. The shares were sold at an average price of $94.93, for a total transaction of $337,855.87. Following the completion of the transaction, the vice president now owns 8,871 shares of the company’s stock, valued at $842,124.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP John B. Gibson sold 82,488 shares of the business’s stock in a transaction that occurred on Tuesday, February 2nd. The shares were sold at an average price of $89.79, for a total transaction of $7,406,597.52. 11.70% of the stock is currently owned by insiders.

Shares of PAYX traded down $0.46 during trading hours on Tuesday, hitting $89.93. The company’s stock had a trading volume of 24,657 shares, compared to its average volume of 1,778,499. The company has a market cap of $32.43 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 3.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.28 and a quick ratio of 1.28. The business has a 50 day simple moving average of $89.57 and a two-hundred day simple moving average of $85.62. Paychex, Inc. has a 52-week low of $47.87 and a 52-week high of $99.95.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, December 22nd. The business services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.07. The firm had revenue of $983.70 million during the quarter, compared to the consensus estimate of $956.30 million. Paychex had a net margin of 26.66% and a return on equity of 37.99%. The company’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. Research analysts predict that Paychex, Inc. will post 2.94 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 25th. Stockholders of record on Monday, February 1st will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, January 29th. This represents a $2.48 annualized dividend and a dividend yield of 2.76%. Paychex’s payout ratio is 82.67%.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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