Trueblood Wealth Management LLC Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

Trueblood Wealth Management LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,871 shares of the business services provider’s stock, valued at approximately $342,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PAYX. ST Germain D J Co. Inc. acquired a new position in Paychex in the second quarter worth about $26,000. OFI Invest Asset Management bought a new position in shares of Paychex in the third quarter valued at approximately $26,000. Carmel Capital Partners LLC purchased a new position in Paychex during the 3rd quarter valued at about $28,000. Larson Financial Group LLC increased its position in shares of Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 130 shares during the period. Finally, DHJJ Financial Advisors Ltd. bought a new stake in Paychex in the 3rd quarter worth about $33,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the sale, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.50% of the stock is owned by company insiders.

Paychex Stock Performance

PAYX stock traded up $1.27 during midday trading on Thursday, reaching $122.80. The stock had a trading volume of 1,608,857 shares, compared to its average volume of 1,677,849. The firm has a fifty day simple moving average of $121.92 and a two-hundred day simple moving average of $119.50. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $44.19 billion, a PE ratio of 27.14, a P/E/G ratio of 3.23 and a beta of 0.94.

Paychex declared that its board has authorized a stock buyback plan on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s dividend payout ratio is presently 79.11%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PAYX shares. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Friday, December 22nd. Barclays reduced their price target on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. JPMorgan Chase & Co. decreased their target price on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research note on Friday, December 22nd. Finally, TD Cowen reaffirmed a “market perform” rating and set a $123.00 price objective (down from $132.00) on shares of Paychex in a report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $122.77.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.