HM Payson & Co. boosted its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 3.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,167 shares of the business services provider’s stock after acquiring an additional 127 shares during the period. HM Payson & Co.’s holdings in Paychex were worth $512,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Chilton Capital Management LLC bought a new stake in shares of Paychex during the 1st quarter valued at $31,000. ESL Trust Services LLC bought a new stake in shares of Paychex during the 1st quarter valued at $31,000. Clear Investment Research LLC boosted its holdings in shares of Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after buying an additional 110 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in shares of Paychex during the 4th quarter valued at $40,000. Finally, Tidemark LLC bought a new stake in shares of Paychex during the 4th quarter valued at $40,000. Institutional investors own 83.47% of the company’s stock.
Paychex Price Performance
Shares of NASDAQ PAYX traded up $0.79 during midday trading on Friday, reaching $127.28. 2,415,604 shares of the stock traded hands, compared to its average volume of 1,943,847. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $45.84 billion, a PE ratio of 27.25, a P/E/G ratio of 3.35 and a beta of 1.00. Paychex, Inc. has a one year low of $106.27 and a one year high of $129.92. The company’s 50 day moving average is $122.07 and its 200 day moving average is $122.10.
Paychex Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 3.08%. Paychex’s dividend payout ratio is currently 83.94%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Thursday, June 27th. Morgan Stanley dropped their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Barclays dropped their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Monday, July 1st. Bank of America upped their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research note on Thursday, June 27th. Finally, Robert W. Baird dropped their price target on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $122.46.
Get Our Latest Research Report on PAYX
Insider Activity
In other news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the transaction, the director now owns 5,383 shares in the company, valued at $670,452.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the sale, the director now owns 5,383 shares of the company’s stock, valued at $670,452.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now directly owns 437,345 shares in the company, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,438 shares of company stock worth $18,185,292. Company insiders own 11.50% of the company’s stock.
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, Europe, and India. It 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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