SYSTM Wealth Solutions LLC Sells 6,475 Shares of Paychex, Inc. (NASDAQ:PAYX)

SYSTM Wealth Solutions LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 28.8% in the second quarter, Holdings Channel reports. The institutional investor owned 15,983 shares of the business services provider’s stock after selling 6,475 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Paychex were worth $1,895,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. grew its holdings 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 buying an additional 163 shares in the last quarter. ORG Partners LLC grew its holdings in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Paychex during the second quarter worth about $30,000. Chilton Capital Management LLC bought a new position in shares of Paychex during the first quarter worth about $31,000. Finally, ESL Trust Services LLC bought a new position in Paychex in the first quarter valued at approximately $31,000. 83.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. TD Cowen raised their price target on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a research note on Thursday, September 12th. Barclays decreased their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Monday, July 1st. JPMorgan Chase & Co. raised their price target on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Morgan Stanley decreased their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $123.00.

Paychex Stock Performance

NASDAQ:PAYX opened at $134.93 on Wednesday. The stock has a market cap of $48.54 billion, a P/E ratio of 28.89, a PEG ratio of 3.55 and a beta of 1.00. The stock has a 50 day simple moving average of $127.10 and a 200 day simple moving average of $123.59. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $137.40.

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

Paychex Announces Dividend

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

Insider Buying and Selling

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the transaction, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the transaction, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John B. Gibson sold 12,670 shares of Paychex stock in a transaction on Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the completion of the transaction, the chief executive officer now directly owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,163 shares of company stock valued at $17,537,817. Insiders own 11.50% 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.