True Vision MN LLC Makes New $310,000 Investment in Paychex, Inc. (NASDAQ:PAYX)

True Vision MN LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,616 shares of the business services provider’s stock, valued at approximately $310,000.

A number of other large investors have also added to or reduced their stakes in PAYX. Meeder Asset Management Inc. grew its position 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 grew 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 worth $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC bought a new stake in Paychex in the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC bought a new stake in shares of Paychex during the 1st quarter valued at $31,000. Finally, ESL Trust Services LLC bought a new stake in shares of Paychex during the 1st quarter valued at $31,000. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Down 0.2 %

Shares of Paychex stock opened at $134.93 on Wednesday. The company has a market capitalization of $48.54 billion, a P/E ratio of 28.89, a P/E/G ratio of 3.55 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $137.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37. The company has a fifty day moving average of $127.10 and a 200 day moving average of $123.59.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s payout ratio is currently 83.94%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PAYX. Bank of America boosted their price objective on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Morgan Stanley cut their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. TD Cowen boosted their price objective on shares of Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. boosted their price objective on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and an average target price of $123.00.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $125.60, for a total value of $1,207,644.00. Following the sale, the director now owns 5,383 shares in the company, valued at approximately $676,104.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the sale, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. Insiders have sold a total of 147,163 shares of company stock worth $17,537,817 in the last 90 days. 11.50% of the stock is currently owned by corporate 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.