Paychex, Inc. (NASDAQ:PAYX) Position Lifted by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 10,455 shares of the business services provider’s stock after acquiring an additional 259 shares during the period. Boomfish Wealth Group LLC’s holdings in Paychex were worth $1,240,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PAYX. Capital International Investors lifted its holdings in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after buying an additional 2,373,894 shares during the last quarter. Capital World Investors lifted its stake in Paychex by 155.6% during the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock worth $304,338,000 after purchasing an additional 1,508,681 shares during the last quarter. Confluence Investment Management LLC acquired a new position in Paychex in the first quarter worth $146,617,000. TD Asset Management Inc boosted its holdings in Paychex by 57.2% in the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock worth $267,695,000 after purchasing an additional 793,468 shares during the period. Finally, FIL Ltd increased its stake in Paychex by 32.4% during the fourth quarter. FIL Ltd now owns 2,548,000 shares of the business services provider’s stock valued at $303,492,000 after purchasing an additional 623,000 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director David J. S. Flaschen sold 14,434 shares of Paychex stock in a transaction on Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $674,005.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total value of $1,807,281.14. Following the completion of the sale, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the transaction, the vice president now directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. The disclosure for this sale can be found here. Insiders sold 166,872 shares of company stock worth $19,992,573 over the last ninety days. Company insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Paychex Stock Performance

Shares of PAYX traded down $0.62 during trading hours on Friday, reaching $125.20. 1,171,508 shares of the company’s stock traded hands, compared to its average volume of 1,846,948. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $129.92. The business’s fifty day simple moving average is $122.82 and its two-hundred day simple moving average is $122.32. 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 firm has a market capitalization of $45.07 billion, a price-to-earnings ratio of 26.81, a P/E/G ratio of 3.29 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company earned $0.97 EPS. Paychex’s quarterly revenue was up 5.3% on a year-over-year basis. Analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 8th will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a yield of 3.13%. Paychex’s payout ratio is 83.94%.

Paychex 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.