Phillips Wealth Planners LLC Invests $285,000 in Paychex, Inc. (NASDAQ:PAYX)

Phillips Wealth Planners LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,002 shares of the business services provider’s stock, valued at approximately $285,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Paychex by 0.4% in the first quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock worth $3,750,472,000 after purchasing an additional 123,268 shares during the last quarter. Capital International Investors raised its position in Paychex by 12.8% in the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after acquiring an additional 2,373,894 shares during the period. Capital World Investors grew its position in shares of Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock valued at $304,338,000 after acquiring an additional 1,508,681 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Paychex by 19.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock worth $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in Paychex by 57.2% during the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock valued at $267,695,000 after purchasing an additional 793,468 shares during the period. 83.47% of the stock is owned by institutional investors.

Paychex Stock Down 0.2 %

NASDAQ PAYX opened at $139.09 on Friday. The stock has a 50 day moving average price of $136.31 and a 200-day moving average price of $127.39. Paychex, Inc. has a one year low of $108.58 and a one year high of $144.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $50.06 billion, a P/E ratio of 29.66, a P/E/G ratio of 3.89 and a beta of 1.00.

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

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.82%. Paychex’s dividend payout ratio is presently 83.58%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Morgan Stanley increased their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada lifted their target price on shares of Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen lifted their target price on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $130.77.

Insider Buying and Selling at Paychex

In other news, VP Michael E. Gioja sold 14,731 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,020,197.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paychex news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the sale, the vice president now directly 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. Insiders have sold 68,608 shares of company stock worth $9,384,512 over the last quarter. Insiders own 11.40% of the company’s stock.

Paychex 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.