Envestnet Portfolio Solutions Inc. Has $13.52 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Envestnet Portfolio Solutions Inc. lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,056 shares of the business services provider’s stock after selling 1,131 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Paychex were worth $13,522,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PAYX. Ethos Financial Group LLC increased its stake in shares of Paychex by 4.6% in the fourth quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after purchasing an additional 85 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Paychex by 3.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider’s stock worth $312,000 after buying an additional 92 shares during the last quarter. Rogco LP boosted its position in shares of Paychex by 1.1% in the fourth quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock valued at $1,009,000 after acquiring an additional 93 shares during the period. Dohj LLC grew its stake in shares of Paychex by 3.1% in the fourth quarter. Dohj LLC now owns 3,242 shares of the business services provider’s stock worth $386,000 after acquiring an additional 97 shares during the last quarter. Finally, Marino Stram & Associates LLC grew its stake in shares of Paychex by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 5,789 shares of the business services provider’s stock worth $690,000 after acquiring an additional 98 shares during the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of PAYX traded up $0.69 during trading hours on Thursday, hitting $125.79. The stock had a trading volume of 374,788 shares, compared to its average volume of 1,845,674. The stock has a market capitalization of $45.28 billion, a price-to-earnings ratio of 26.79, a P/E/G ratio of 3.29 and a beta of 1.00. Paychex, Inc. has a 52 week low of $106.27 and a 52 week high of $129.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The company’s fifty day moving average is $122.69 and its two-hundred day moving average is $122.27.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) 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 quarter in the previous year, the company posted $0.97 earnings per share. Paychex’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts anticipate 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. Shareholders of record on Thursday, August 8th will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 3.12%. The ex-dividend date is Thursday, August 8th. Paychex’s payout ratio is presently 83.94%.

Insiders Place Their Bets

In other news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David J. S. Flaschen sold 19,709 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the sale, the director now directly owns 5,383 shares of the company’s stock, valued at $670,452.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,872 shares of company stock valued at $19,992,573. Insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PAYX shares. Morgan Stanley reduced their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Bank of America lifted their target price on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Barclays lowered their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Monday, July 1st. Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Thursday, June 27th. Finally, Robert W. Baird cut their target price on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus price target of $122.46.

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.