CreativeOne Wealth LLC Grows Position in Paychex, Inc. (NASDAQ:PAYX)

CreativeOne Wealth LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 81.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,656 shares of the business services provider’s stock after buying an additional 5,222 shares during the quarter. CreativeOne Wealth LLC’s holdings in Paychex were worth $1,564,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in Paychex by 286.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after buying an additional 163 shares during the last quarter. ORG Partners LLC grew its stake in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares during the last quarter. Fortitude Family Office LLC grew its stake in Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after buying an additional 74 shares during the last quarter. Quest Partners LLC purchased a new position in Paychex during the 3rd quarter worth approximately $36,000. Finally, American National Bank grew its stake in Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Citigroup lifted their target price on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. UBS Group lifted their target price on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada lifted 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. Finally, Barclays lifted their target price on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $131.62.

Paychex Stock Performance

Shares of PAYX stock opened at $145.71 on Friday. The stock has a fifty day moving average price of $141.12 and a 200 day moving average price of $130.59. The stock has a market cap of $52.44 billion, a PE ratio of 31.07, a P/E/G ratio of 4.00 and a beta of 0.99. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71. 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 (NASDAQ:PAYX) last issued 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 earnings per share. Sell-side analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.69%. The ex-dividend date was Thursday, November 7th. Paychex’s payout ratio is 83.58%.

Insiders Place Their Bets

In other news, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction 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 owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,174 shares of company stock valued at $7,577,231. Corporate insiders own 11.40% of the company’s stock.

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.