Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by TIAA Trust National Association

TIAA Trust National Association grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,450 shares of the business services provider’s stock after acquiring an additional 138 shares during the quarter. TIAA Trust National Association’s holdings in Paychex were worth $792,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PAYX. Chilton Capital Management LLC acquired a new stake in shares of Paychex in the 1st quarter worth $31,000. Clear Investment Research LLC increased its stake in shares of Paychex by 55.8% in the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after acquiring an additional 110 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $40,000. Tidemark LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $40,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $41,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 1.3 %

Shares of Paychex stock traded down $1.56 on Friday, reaching $122.68. 1,822,258 shares of the company were exchanged, compared to its average volume of 2,321,770. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.70. The company has a market cap of $44.18 billion, a P/E ratio of 26.27, a price-to-earnings-growth ratio of 3.25 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.24. The stock’s 50 day moving average price is $121.99 and its 200-day moving average price is $121.62.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, August 8th. Paychex’s dividend payout ratio is presently 83.94%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of a number of recent analyst reports. Barclays cut their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Morgan Stanley cut their price objective on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. Bank of America raised their price objective on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. TD Cowen cut their price objective on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Finally, Robert W. Baird cut their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $122.46.

Insider Transactions at Paychex

In other news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total transaction 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 sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO John B. Gibson sold 12,670 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 $51,287,448.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,869 shares of company stock valued at $15,870,933. 11.50% of the stock is currently owned by corporate 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.