Two Point Capital Management Inc. Has $9.63 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Two Point Capital Management Inc. grew its position in Paychex, Inc. (NASDAQ:PAYX) by 0.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 71,764 shares of the business services provider’s stock after acquiring an additional 665 shares during the quarter. Paychex makes up about 3.5% of Two Point Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding. Two Point Capital Management Inc.’s holdings in Paychex were worth $9,630,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

PAYX has been the subject of several analyst reports. Barclays boosted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Morgan Stanley upped their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada lifted their target price on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, TD Cowen lifted their price objective on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex has a consensus rating of “Hold” and an average target price of $130.77.

Insider Buying and Selling at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction that occurred on 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 directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex 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 directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were 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 $2,018,020.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by corporate insiders.

Paychex Trading Up 6.3 %

Shares of PAYX stock opened at $148.59 on Thursday. The stock has a market cap of $53.48 billion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 3.84 and a beta of 0.99. 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 $110.82 and a 52-week high of $149.26. The firm has a fifty day moving average of $137.06 and a 200-day moving average of $127.93.

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, beating the consensus estimate of $1.14 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 during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company posted $1.14 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal 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 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

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.