Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Moisand Fitzgerald Tamayo LLC

Moisand Fitzgerald Tamayo LLC decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 32.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 880 shares of the business services provider’s stock after selling 420 shares during the period. Moisand Fitzgerald Tamayo LLC’s holdings in Paychex were worth $108,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Capital International Investors grew its position in shares of Paychex by 9.0% during the fourth quarter. Capital International Investors now owns 18,504,389 shares of the business services provider’s stock worth $2,204,115,000 after acquiring an additional 1,523,520 shares during the last quarter. Confluence Investment Management LLC acquired a new position in Paychex in the first quarter valued at $146,617,000. Ameriprise Financial Inc. raised its holdings in shares of Paychex by 229.8% in the third quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock valued at $188,655,000 after buying an additional 1,136,456 shares during the last quarter. Capital World Investors acquired a new stake in shares of Paychex during the fourth quarter worth about $115,494,000. Finally, TD Asset Management Inc increased its position in Paychex by 123.5% in the 4th quarter. TD Asset Management Inc now owns 1,386,462 shares of the business services provider’s stock valued at $165,141,000 after acquiring an additional 766,252 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Up 0.6 %

Paychex stock traded up $0.72 during midday trading on Friday, hitting $118.56. 6,556,909 shares of the company were exchanged, compared to its average volume of 2,064,830. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.24. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $129.70. The company’s fifty day moving average price is $122.38 and its 200-day moving average price is $121.98. The company has a market cap of $42.68 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 3.07 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company posted $0.97 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Friday, May 10th were issued a $0.98 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This is a boost from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 annualized dividend and a yield of 3.31%. Paychex’s dividend payout ratio is currently 83.94%.

Analysts Set New Price Targets

A number of analysts have weighed in on PAYX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Thursday. Morgan Stanley dropped their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday. TD Cowen reduced their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Evercore ISI reaffirmed an “in-line” rating and issued a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Finally, Wedbush reissued a “neutral” rating and set a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus target price of $122.62.

Insider Buying and Selling at Paychex

In related news, Director David J. S. Flaschen sold 19,709 shares of Paychex stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.50% of the stock is currently owned by insiders.

Paychex Company 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.