Paychex, Inc. (NASDAQ:PAYX) Shares Sold by AdvisorNet Financial Inc

AdvisorNet Financial Inc lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 6.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,594 shares of the business services provider’s stock after selling 109 shares during the quarter. AdvisorNet Financial Inc’s holdings in Paychex were worth $182,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Paychex by 0.6% during the first quarter. BlackRock Inc. now owns 30,565,936 shares of the business services provider’s stock worth $4,171,334,000 after purchasing an additional 185,683 shares in the last quarter. Vanguard Group Inc. raised its holdings in Paychex by 0.8% during the first quarter. Vanguard Group Inc. now owns 29,343,942 shares of the business services provider’s stock worth $4,004,568,000 after purchasing an additional 222,549 shares in the last quarter. Capital International Investors raised its holdings in Paychex by 9.7% during the first quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock worth $2,233,017,000 after purchasing an additional 1,445,699 shares in the last quarter. State Street Corp raised its holdings in Paychex by 4.2% during the fourth quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock worth $1,895,918,000 after purchasing an additional 553,659 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Paychex by 33.5% during the first quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock worth $1,698,137,000 after acquiring an additional 3,122,688 shares during the last quarter. Institutional investors and hedge funds own 71.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PAYX. Bank of America lowered their target price on shares of Paychex from $138.00 to $124.00 in a research report on Wednesday, June 29th. Citigroup lowered their target price on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, July 7th. Cowen lowered their target price on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, June 30th. Morgan Stanley lowered their target price on shares of Paychex from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 30th. Finally, William Blair restated a “market perform” rating on shares of Paychex in a research report on Wednesday, June 29th. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $130.75.

Paychex Stock Performance

NASDAQ:PAYX opened at $120.04 on Wednesday. The firm has a market cap of $43.25 billion, a price-to-earnings ratio of 31.26, a price-to-earnings-growth ratio of 3.91 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.55 and a 1-year high of $141.92. The firm’s fifty day moving average price is $126.26 and its 200 day moving average price is $125.45. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 1.25.

Paychex (NASDAQ:PAYXGet Rating) last issued its earnings results on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.79 by $0.02. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The business’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts expect that Paychex, Inc. will post 4.14 EPS for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a dividend of $0.79 per share. The ex-dividend date was Wednesday, August 10th. This represents a $3.16 annualized dividend and a dividend yield of 2.63%. Paychex’s payout ratio is currently 82.29%.

Insiders Place Their Bets

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

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.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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