Chesapeake Capital Corp IL Has $808,000 Position in Paychex, Inc. (NASDAQ:PAYX)

Chesapeake Capital Corp IL reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 3.8% in the third quarter, HoldingsChannel.com reports. The fund owned 6,023 shares of the business services provider’s stock after selling 239 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Paychex were worth $808,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Czech National Bank grew its stake in shares of Paychex by 8.3% in the 2nd quarter. Czech National Bank now owns 61,049 shares of the business services provider’s stock valued at $7,238,000 after buying an additional 4,703 shares during the period. BDF Gestion acquired a new stake in shares of Paychex in the 2nd quarter valued at about $2,796,000. PGGM Investments grew its stake in shares of Paychex by 57.7% in the 2nd quarter. PGGM Investments now owns 21,703 shares of the business services provider’s stock valued at $2,573,000 after buying an additional 7,943 shares during the period. DNB Asset Management AS grew its stake in shares of Paychex by 6.6% in the 2nd quarter. DNB Asset Management AS now owns 64,580 shares of the business services provider’s stock valued at $7,657,000 after buying an additional 4,001 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Paychex by 27.4% in the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock valued at $132,636,000 after buying an additional 212,700 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on PAYX shares. Citigroup raised their target price on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Barclays boosted their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. UBS Group boosted their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Morgan Stanley boosted their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group boosted their price objective on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat, Paychex presently has an average rating of “Hold” and an average price target of $130.77.

Check Out Our Latest Research Report on PAYX

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the 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 sale, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,174 shares of company stock worth $7,577,231. Insiders own 11.40% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $142.96 on Friday. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The stock’s 50 day moving average price is $139.30 and its 200-day moving average price is $129.19. The company has a market capitalization of $51.45 billion, a PE ratio of 30.48, a PEG ratio of 3.93 and a beta of 0.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYXGet Free Report) last posted its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business earned $1.14 earnings per share. Paychex’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

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

About Paychex

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXFree Report).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.