Graham Capital Management L.P. Raises Position in Paychex, Inc. (NASDAQ:PAYX)

Graham Capital Management L.P. lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 368.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,293 shares of the business services provider’s stock after purchasing an additional 12,025 shares during the period. Graham Capital Management L.P.’s holdings in Paychex were worth $2,087,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PAYX. Rather & Kittrell Inc. purchased a new stake in shares of Paychex during the 4th quarter worth approximately $25,000. MCF Advisors LLC bought a new position in Paychex in the 1st quarter worth approximately $25,000. Clear Investment Research LLC bought a new position in Paychex in the 1st quarter worth approximately $27,000. Princeton Global Asset Management LLC bought a new position in Paychex in the 1st quarter worth approximately $27,000. Finally, DeDora Capital Inc. bought a new position in Paychex in the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 71.80% of the company’s stock.

Insider Buying and Selling

In related news, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the transaction, the director now owns 60,531 shares in the company, valued at approximately $6,860,583.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Michael E. Gioja sold 1,227 shares of Paychex stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $117.81, for a total value of $144,552.87. Following the transaction, the vice president now owns 51,122 shares in the company, valued at approximately $6,022,682.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $113.34, for a total transaction of $474,214.56. Following the completion of the transaction, the director now owns 60,531 shares in the company, valued at approximately $6,860,583.54. The disclosure for this sale can be found here. Insiders have sold a total of 90,837 shares of company stock worth $10,539,336 in the last 90 days. 11.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on PAYX. Bank of America cut their price objective on shares of Paychex from $138.00 to $124.00 in a report on Wednesday, June 29th. Jefferies Financial Group cut their price objective on shares of Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Cowen cut their price target on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Paychex from $145.00 to $123.00 and set a “hold” rating for the company in a report on Thursday, June 30th. Finally, Cowen cut their price target on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $130.75.

Paychex Stock Performance

NASDAQ PAYX opened at $126.83 on Friday. Paychex, Inc. has a 52-week low of $106.55 and a 52-week high of $141.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $45.70 billion, a P/E ratio of 33.03, a P/E/G ratio of 4.08 and a beta of 1.00. The company has a fifty day moving average of $125.61 and a 200-day moving average of $125.30.

Paychex (NASDAQ:PAYXGet Rating) last posted its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm posted $0.72 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. As a group, equities research analysts predict that Paychex, Inc. will post 4.14 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend was Wednesday, August 10th. Paychex’s dividend payout ratio is currently 82.29%.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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