Raleigh Capital Management Inc. Has $759,000 Position in Paychex, Inc. (NASDAQ:PAYX)

Raleigh Capital Management Inc. raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1,753.8% in the third quarter, Holdings Channel.com reports. The fund owned 5,654 shares of the business services provider’s stock after acquiring an additional 5,349 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Paychex were worth $759,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Salem Investment Counselors Inc. raised its holdings in Paychex by 17.3% during the first quarter. Salem Investment Counselors Inc. now owns 1,121 shares of the business services provider’s stock valued at $138,000 after buying an additional 165 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of Paychex in the 1st quarter valued at approximately $12,277,000. Dynamic Advisor Solutions LLC lifted its holdings in Paychex by 20.7% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 33,627 shares of the business services provider’s stock worth $4,129,000 after purchasing an additional 5,770 shares during the last quarter. Columbus Macro LLC bought a new stake in Paychex during the first quarter worth approximately $818,000. Finally, Kingswood Wealth Advisors LLC grew its holdings in Paychex by 30.8% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,490 shares of the business services provider’s stock valued at $429,000 after purchasing an additional 822 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Transactions at Paychex

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $125.60, for a total value of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paychex news, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total value of $1,106,714.40. Following the completion of the transaction, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the sale, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,177 shares of company stock worth $11,698,870 in the last quarter. 11.50% of the stock is owned by company insiders.

Paychex Stock Performance

PAYX stock opened at $141.09 on Tuesday. The company has a 50 day moving average price of $133.71 and a 200 day moving average price of $126.37. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $144.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $50.79 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 3.91 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping 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 company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. TD Cowen upped their price target on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Barclays increased their target price on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Citigroup lifted their price target on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, Bank of America raised their price objective 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. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $130.77.

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.