Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management reduced its position in Paychex, Inc. (NASDAQ:PAYX) by 50.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,635 shares of the business services provider’s stock after selling 25,077 shares during the period. Sheets Smith Wealth Management’s holdings in Paychex were worth $3,306,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. CVA Family Office LLC raised its holdings in Paychex by 5.6% in the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock valued at $186,000 after buying an additional 74 shares during the period. Fortitude Family Office LLC lifted its holdings in shares of Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 74 shares in the last quarter. Kanawha Capital Management LLC boosted its position in Paychex by 1.8% during the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after purchasing an additional 75 shares during the period. Daymark Wealth Partners LLC increased its holdings in Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock valued at $1,167,000 after purchasing an additional 82 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in shares of Paychex by 1.2% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock worth $873,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,020,197.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock worth $7,577,231 over the last ninety days. 11.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada increased their target price on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus increased their price objective on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Barclays upped 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. Finally, Jefferies Financial Group lifted their price target on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $130.77.

Paychex Price Performance

PAYX opened at $148.57 on Friday. The company has a market capitalization of $53.47 billion, a P/E ratio of 31.68, a PEG ratio of 4.08 and a beta of 0.99. The company has a 50-day moving average of $137.75 and a 200-day moving average of $128.25. 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 1-year low of $113.70 and a 1-year high of $149.26.

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

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

About Paychex

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.