Mattern Wealth Management LLC Sells 816 Shares of Paychex, Inc. (NASDAQ:PAYX)

Mattern Wealth Management LLC lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 21.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,002 shares of the business services provider’s stock after selling 816 shares during the quarter. Mattern Wealth Management LLC’s holdings in Paychex were worth $403,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Oakworth Capital Inc. lifted its position in shares of Paychex by 20.1% in the third quarter. Oakworth Capital Inc. now owns 2,142 shares of the business services provider’s stock valued at $287,000 after buying an additional 359 shares during the last quarter. Ledyard National Bank bought a new stake in Paychex in the 3rd quarter valued at $292,000. Raleigh Capital Management Inc. lifted its holdings in Paychex by 1,753.8% during the 3rd quarter. Raleigh Capital Management Inc. now owns 5,654 shares of the business services provider’s stock valued at $759,000 after purchasing an additional 5,349 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Paychex by 2.7% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 4,415 shares of the business services provider’s stock worth $592,000 after purchasing an additional 116 shares during the period. Finally, Northwest Investment Counselors LLC increased its holdings in shares of Paychex by 1.0% in the third quarter. Northwest Investment Counselors LLC now owns 26,683 shares of the business services provider’s stock valued at $3,581,000 after purchasing an additional 274 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Barclays raised their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Morgan Stanley raised their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Citigroup upped their target price on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Robert W. Baird dropped their price target on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, UBS Group upped their price objective on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $130.77.

Insider Transactions at Paychex

In related news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,177 shares of company stock valued at $11,698,870. 11.50% of the stock is currently owned by insiders.

Paychex Price Performance

Shares of NASDAQ PAYX traded down $0.26 during mid-day trading on Tuesday, reaching $140.83. The company had a trading volume of 291,451 shares, compared to its average volume of 1,793,305. The firm has a market cap of $50.69 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 3.91 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. Paychex, Inc. has a one year low of $106.27 and a one year high of $144.17. The business’s 50-day simple moving average is $133.71 and its 200 day simple moving average is $126.37.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the business posted $1.14 EPS. The company’s revenue was up 2.5% compared to the same quarter last year. On average, research analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.78%. The ex-dividend date is Thursday, November 7th. Paychex’s payout ratio is 83.94%.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.