Paychex, Inc. (NASDAQ:PAYX) Holdings Cut by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 7.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,329 shares of the business services provider’s stock after selling 1,813 shares during the period. Kentucky Retirement Systems’ holdings in Paychex were worth $2,996,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. increased its position in 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 during the last quarter. ORG Partners LLC increased its position in 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 acquiring an additional 173 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Paychex during the second quarter valued at about $30,000. American National Bank raised its holdings in Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 180 shares in the last quarter. Finally, Fortitude Family Office LLC lifted its position in Paychex by 42.0% in the third 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 period. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Jefferies Financial Group increased their target price on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley boosted their price target on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. TD Cowen increased their price objective on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, UBS Group boosted their target price on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Paychex currently has an average rating of “Hold” and an average target price of $130.77.

Insider Transactions at Paychex

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the company’s 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 completion of the sale, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction on 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 transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock worth $7,577,231 in the last three months. Insiders own 11.40% of the company’s stock.

Paychex Stock Down 2.0 %

NASDAQ PAYX opened at $142.96 on Monday. The stock has a market capitalization of $51.45 billion, a P/E ratio of 30.48, a price-to-earnings-growth ratio of 3.93 and a beta of 0.99. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $150.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day moving average of $139.30 and a 200-day moving average of $129.26.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $1.14 earnings per share. On average, equities research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s payout ratio is 83.58%.

Paychex 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.