Arrowroot Family Office LLC Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

Arrowroot Family Office LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,598 shares of the business services provider’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC grew its holdings in Paychex by 38,655.2% during the 3rd quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock worth $107,340,000 after acquiring an additional 797,843 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Paychex by 19.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock valued at $279,351,000 after buying an additional 384,184 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 buying an additional 345,682 shares during the last quarter. Raymond James & Associates increased its stake in Paychex by 27.4% in the third quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock valued at $132,636,000 after purchasing an additional 212,700 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted 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 buying an additional 211,010 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Up 0.4 %

Shares of NASDAQ:PAYX opened at $146.27 on Monday. The company has a market capitalization of $52.64 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 4.02 and a beta of 0.99. The company has a 50 day moving average of $141.39 and a two-hundred day moving average of $130.83. Paychex, Inc. has a 52-week low of $114.72 and a 52-week 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.

Paychex (NASDAQ:PAYX) last posted 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 company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 EPS. As a group, analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were given a $0.98 dividend. The ex-dividend date was Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.68%. Paychex’s payout ratio is currently 83.58%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PAYX shares. Barclays increased their price objective on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Morgan Stanley lifted their price objective on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group increased their price objective on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. UBS Group increased their price target on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Citigroup boosted their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $131.62.

Insider Activity at Paychex

In related news, CFO Robert L. Schrader sold 13,015 shares of the 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 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 42.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This trade represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,174 shares of company stock valued at $7,577,231 in the last quarter. Insiders own 11.40% of the company’s stock.

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.