Westbourne Investment Advisors Inc. Trims Position in Paychex, Inc. (NASDAQ:PAYX)

Westbourne Investment Advisors Inc. lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 2.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 43,238 shares of the business services provider’s stock after selling 887 shares during the period. Paychex comprises approximately 2.1% of Westbourne Investment Advisors Inc.’s holdings, making the stock its 17th largest position. Westbourne Investment Advisors Inc.’s holdings in Paychex were worth $5,150,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. ST Germain D J Co. Inc. purchased a new stake in shares of Paychex during the second quarter worth about $26,000. OFI Invest Asset Management bought a new stake in shares of Paychex during the third quarter valued at approximately $26,000. Carmel Capital Partners LLC bought a new stake in shares of Paychex during the third quarter valued at approximately $28,000. Larson Financial Group LLC lifted its holdings 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 worth $31,000 after buying an additional 130 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. bought a new position in shares of Paychex during the third quarter worth $33,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.8 %

PAYX traded up $0.94 during trading hours on Thursday, reaching $122.47. 458,608 shares of the company’s stock traded hands, compared to its average volume of 1,658,036. The firm has a 50-day moving average price of $121.92 and a 200 day moving average price of $119.50. The firm has a market capitalization of $44.07 billion, a PE ratio of 27.14, a PEG ratio of 3.23 and a beta of 0.94. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were issued a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.91%. Paychex’s payout ratio is 79.11%.

Paychex declared that its Board of Directors has approved a share repurchase program on Friday, January 19th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several research analyst reports. Citigroup decreased their price target on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Friday, December 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research report on Friday, December 22nd. Stifel Nicolaus boosted their target price on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Finally, Barclays dropped their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, Paychex currently has an average rating of “Hold” and a consensus price target of $122.77.

Insider Buying and Selling at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.50% of the stock is owned by corporate insiders.

Paychex Profile

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.