Summit Wealth Partners LLC Sells 500 Shares of Paychex, Inc. (NASDAQ:PAYX)

Summit Wealth Partners LLC lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 14.5% in the third quarter, Holdings Channel reports. The institutional investor owned 2,957 shares of the business services provider’s stock after selling 500 shares during the period. Summit Wealth Partners LLC’s holdings in Paychex were worth $397,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PAYX. Meeder Asset Management Inc. raised its position in shares of Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after acquiring an additional 163 shares during the last quarter. ORG Partners LLC boosted its holdings 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. ESL Trust Services LLC acquired a new stake in Paychex during the 1st quarter valued at approximately $31,000. Fortitude Family Office LLC raised its holdings in Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares during the last quarter. Finally, Chilton Capital Management LLC acquired a new position in shares of Paychex in the 1st quarter worth approximately $31,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Performance

PAYX opened at $139.33 on Friday. The company has a market cap of $50.14 billion, a price-to-earnings ratio of 29.71, a PEG ratio of 3.89 and a beta of 1.00. The company’s fifty day moving average price is $136.13 and its two-hundred day moving average price is $127.27. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $144.17. 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 posted its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates 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 was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.14 EPS. On average, analysts expect that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s payout ratio is currently 83.58%.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the company’s 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 sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director David J. S. Flaschen sold 14,434 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the transaction, the director now owns 5,383 shares in the company, valued at approximately $674,005.43. 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 can be accessed through this link. Also, 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 sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,608 shares of company stock worth $9,384,512. Corporate insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

PAYX has been the subject of several recent analyst reports. Morgan Stanley lifted 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. Barclays boosted their price objective on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. lifted their target price on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Stifel Nicolaus increased their price target on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Finally, Citigroup lifted their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $130.77.

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.