Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,153 shares of the business services provider’s stock after selling 1,198 shares during the period. Essex Investment Management Co. LLC’s holdings in Paychex were worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC increased its position in shares of Paychex by 30.3% in the fourth quarter. V Square Quantitative Management LLC now owns 6,171 shares of the business services provider’s stock valued at $735,000 after buying an additional 1,435 shares in the last quarter. Virtu Financial LLC acquired a new stake in Paychex during the 4th quarter valued at $1,400,000. EP Wealth Advisors LLC increased its position in Paychex by 8.6% during the fourth quarter. EP Wealth Advisors LLC now owns 31,682 shares of the business services provider’s stock worth $3,774,000 after buying an additional 2,513 shares in the last quarter. Fortis Group Advisors LLC raised its holdings in shares of Paychex by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 596 shares of the business services provider’s stock worth $71,000 after acquiring an additional 298 shares during the last quarter. Finally, Richardson Financial Services Inc. purchased a new stake in shares of Paychex in the fourth quarter valued at $89,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Down 0.3 %

Shares of NASDAQ PAYX traded down $0.40 during midday trading on Friday, reaching $138.89. 1,498,067 shares of the company’s stock were exchanged, compared to its average volume of 1,817,102. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $142.04. The business’s fifty day moving average price is $131.59 and its two-hundred day moving average price is $125.48. The stock has a market capitalization of $50.00 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 3.73 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 EPS. Analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.94%.

Insider Transactions at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total value of $1,106,714.40. Following the transaction, the vice president now owns 79,232 shares in the company, valued at $9,793,075.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,832 shares of company stock valued at $11,360,630. Insiders own 11.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PAYX shares. Barclays boosted their target price on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Jefferies Financial Group upped their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. TD Cowen lifted their target price on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Robert W. Baird decreased their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. lifted their price objective on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $130.77.

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.