Summit Trail Advisors LLC Increases Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Summit Trail Advisors LLC boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 52.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,505 shares of the business services provider’s stock after purchasing an additional 2,914 shares during the period. Summit Trail Advisors LLC’s holdings in Paychex were worth $1,141,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in Paychex by 38,655.2% in the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock valued at $107,340,000 after acquiring an additional 797,843 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 valued at $279,351,000 after purchasing an additional 384,184 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock worth $1,278,142,000 after purchasing an additional 345,682 shares during the period. Raymond James & Associates grew its holdings in shares of Paychex by 27.4% during the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock worth $132,636,000 after purchasing an additional 212,700 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Paychex by 175.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 331,115 shares of the business services provider’s stock worth $39,257,000 after purchasing an additional 211,010 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.6 %

Shares of NASDAQ:PAYX opened at $145.26 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The stock has a market cap of $52.28 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 3.97 and a beta of 0.99. The firm’s 50 day moving average price is $140.38 and its 200 day moving average price is $130.21.

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

Paychex Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.70%. Paychex’s payout ratio is currently 83.58%.

Insider Transactions at Paychex

In related news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction on 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 transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 14,731 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at approximately $2,020,197.70. This trade represents a 50.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,174 shares of company stock valued at $7,577,231. Corporate insiders own 11.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Morgan Stanley increased their target price 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. Stifel Nicolaus increased their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Barclays boosted their target price on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. TD Cowen raised their price target on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group boosted their price objective on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. 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 an average target price of $131.62.

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.