Parthenon LLC Sells 235 Shares of Paychex, Inc. (NASDAQ:PAYX)

Parthenon LLC lowered its holdings in Paychex, Inc. (NASDAQ:PAYX) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 259,195 shares of the business services provider’s stock after selling 235 shares during the quarter. Paychex comprises approximately 4.2% of Parthenon LLC’s investment portfolio, making the stock its 4th largest holding. Parthenon LLC owned about 0.07% of Paychex worth $34,781,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PAYX. Meeder Asset Management Inc. raised its stake in shares of Paychex by 286.0% in the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the last quarter. ORG Partners LLC raised its position in Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in Paychex during the 2nd quarter valued at $30,000. ESL Trust Services LLC bought a new position in Paychex during the 1st quarter valued at $31,000. Finally, American National Bank boosted its holdings in Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after acquiring an additional 180 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

PAYX traded down $0.41 during trading hours on Wednesday, hitting $147.59. The stock had a trading volume of 276,257 shares, compared to its average volume of 1,782,938. The stock has a market cap of $53.12 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company’s fifty day simple moving average is $138.42 and its 200 day simple moving average is $128.72.

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

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s payout ratio is 83.58%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays raised their price target on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. Citigroup lifted their target price on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Stifel Nicolaus upped their target price on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Finally, UBS Group upped their price objective on Paychex from $125.00 to $142.00 and gave the company a “neutral” 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $130.77.

Insider Activity

In other Paychex news, 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 transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. The trade was a 0.00 % decrease in their ownership of the stock. 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 firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael E. Gioja sold 26,428 shares of the company’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 completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is owned by company insiders.

About Paychex

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.