Paychex, Inc. (NASDAQ:PAYX) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,847 shares of the business services provider’s stock after selling 240 shares during the period. Paychex makes up 0.8% of First City Capital Management Inc.’s portfolio, making the stock its 28th biggest position. First City Capital Management Inc.’s holdings in Paychex were worth $1,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Meeder Asset Management Inc. boosted its position in Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares during the last quarter. Fortitude Family Office LLC increased its holdings 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 purchasing an additional 74 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Paychex in the 3rd quarter valued at approximately $36,000. Quarry LP boosted its stake in shares of Paychex by 152.6% during the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock valued at $35,000 after buying an additional 177 shares during the last quarter. Finally, Dunhill Financial LLC boosted its stake in shares of Paychex by 805.9% during the 3rd quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock valued at $41,000 after buying an additional 274 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PAYX. Barclays upped their price target on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. Jefferies Financial Group boosted their price objective on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their target price on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Finally, TD Cowen boosted their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $132.23.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was 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 owns 17,362 shares in the company, valued at $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction dated 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 transaction, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. The trade was a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.40% of the stock is owned by insiders.

Paychex Stock Performance

Shares of PAYX traded up $1.24 during mid-day trading on Friday, reaching $139.74. 361,557 shares of the company’s stock traded hands, compared to its average volume of 974,288. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business’s 50-day moving average price is $142.50 and its 200-day moving average price is $133.76. The stock has a market capitalization of $50.32 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the business earned $1.08 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.98 per share. The ex-dividend date was Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.81%. Paychex’s payout ratio is 82.53%.

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.