1,936 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Executive Wealth Management LLC

Executive Wealth Management LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,936 shares of the business services provider’s stock, valued at approximately $260,000.

A number of other hedge funds have also modified their holdings of PAYX. International Assets Investment Management LLC grew its holdings in shares of Paychex by 38,655.2% during the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock worth $107,340,000 after buying an additional 797,843 shares in the last quarter. Barclays PLC grew its stake in Paychex by 46.2% in the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider’s stock valued at $234,627,000 after purchasing an additional 552,540 shares in the last quarter. Dimensional Fund Advisors LP grew its stake 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 purchasing an additional 384,184 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Paychex by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock valued at $1,278,142,000 after purchasing an additional 345,682 shares in the last quarter. Finally, Raymond James & Associates grew 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 in the last quarter. 83.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on PAYX. Barclays raised their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Morgan Stanley raised their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. TD Cowen raised their price objective on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. UBS Group raised their price objective on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Citigroup raised their price objective on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, Paychex currently has an average rating of “Hold” and a consensus price target of $131.62.

Insiders Place Their Bets

In other news, 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 value of $1,852,685.25. Following the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 42.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction 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 transaction, the vice president now owns 14,515 shares in the company, valued at approximately $2,018,020.45. The trade was a 64.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,174 shares of company stock worth $7,577,231 in the last 90 days. Company insiders own 11.40% of the company’s stock.

Paychex Stock Performance

NASDAQ:PAYX opened at $142.39 on Wednesday. The stock has a 50 day simple moving average of $142.58 and a 200 day simple moving average of $131.57. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $150.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market cap of $51.25 billion, a P/E ratio of 30.36, a PEG ratio of 3.92 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted 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. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the company earned $1.14 EPS. The company’s revenue was up 2.5% on a year-over-year basis. Research analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.75%. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

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.