Strategy Asset Managers LLC Increases Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Strategy Asset Managers LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 9.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,997 shares of the business services provider’s stock after purchasing an additional 253 shares during the period. Strategy Asset Managers LLC’s holdings in Paychex were worth $402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Meeder Asset Management Inc. boosted its stake in Paychex by 286.0% in the 2nd 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 period. ORG Partners LLC increased its stake in Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 173 shares during the last quarter. Fortitude Family Office LLC raised its stake in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares in the last quarter. Quest Partners LLC purchased a new stake in Paychex during the third quarter valued at about $36,000. Finally, American National Bank boosted its stake in shares of Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Performance

Shares of PAYX opened at $141.83 on Thursday. Paychex, Inc. has a 12-month low of $114.72 and a 12-month high of $150.71. The firm has a market cap of $51.04 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 3.93 and a beta of 0.99. The company’s 50 day simple moving average is $139.80 and its 200-day simple moving average is $129.65. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

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, topping the consensus estimate of $1.14 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, equities analysts predict that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Analyst Ratings Changes

Several research firms recently weighed in on PAYX. Stifel Nicolaus lifted their price target on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. 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. UBS Group boosted their price target on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Morgan Stanley increased their target price on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Barclays upped their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, Paychex has an average rating of “Hold” and a consensus price target of $131.62.

Insider Activity at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value 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 approximately $2,018,020.45. The trade was a 64.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the company’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 owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This represents a 42.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is owned by insiders.

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.