Axxcess Wealth Management LLC Sells 1,786 Shares of Paychex, Inc. (NASDAQ:PAYX)

Axxcess Wealth Management LLC reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,509 shares of the business services provider’s stock after selling 1,786 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Paychex were worth $1,544,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sigma Planning Corp boosted its position in shares of Paychex by 3.1% during the 3rd quarter. Sigma Planning Corp now owns 12,272 shares of the business services provider’s stock worth $1,647,000 after purchasing an additional 372 shares in the last quarter. Atria Investments Inc raised its position in Paychex by 2.9% in the 3rd quarter. Atria Investments Inc now owns 55,502 shares of the business services provider’s stock worth $7,448,000 after purchasing an additional 1,567 shares during the period. Carmel Capital Partners LLC purchased a new position in shares of Paychex in the 3rd quarter valued at $296,000. Assetmark Inc. increased its stake in shares of Paychex by 151.0% in the third quarter. Assetmark Inc. now owns 9,761 shares of the business services provider’s stock worth $1,310,000 after acquiring an additional 5,872 shares during the period. Finally, Verdence Capital Advisors LLC lifted its holdings in Paychex by 57.6% during the third quarter. Verdence Capital Advisors LLC now owns 12,637 shares of the business services provider’s stock valued at $1,696,000 after purchasing an additional 4,617 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Trading Up 0.1 %

PAYX stock opened at $148.73 on Tuesday. 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 $113.87 and a one year high of $150.71. The company’s 50 day moving average price is $137.75 and its two-hundred day moving average price is $128.34. The company has a market capitalization of $53.53 billion, a PE ratio of 31.71, a price-to-earnings-growth ratio of 4.08 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 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 business’s revenue was up 2.5% on a year-over-year basis. As a group, analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.64%. Paychex’s dividend payout ratio is currently 83.58%.

Analysts Set New Price Targets

Several research firms have commented on PAYX. Citigroup boosted their price target on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. UBS Group increased their target price on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus increased their price target on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley upped their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Barclays boosted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $130.77.

Insider Buying and Selling

In other news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction that occurred on 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 sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock valued at $7,577,231 over the last ninety days. 11.40% of the stock is owned by insiders.

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.