Gladstone Institutional Advisory LLC Has $1.78 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Gladstone Institutional Advisory LLC lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 18.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,561 shares of the business services provider’s stock after purchasing an additional 2,453 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Paychex were worth $1,783,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PAYX. Heritage Wealth Management LLC increased its holdings in shares of Paychex by 260.0% in the fourth quarter. Heritage Wealth Management LLC now owns 234 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 169 shares in the last quarter. Atlantic Private Wealth LLC acquired a new stake in Paychex during the 1st quarter worth $36,000. Cambridge Trust Co. grew its holdings in Paychex by 254.4% during the 1st quarter. Cambridge Trust Co. now owns 319 shares of the business services provider’s stock worth $37,000 after acquiring an additional 229 shares during the period. Avalon Trust Co acquired a new stake in Paychex during the 1st quarter worth $40,000. Finally, Ahrens Investment Partners LLC acquired a new stake in Paychex during the 1st quarter worth $46,000. Institutional investors and hedge funds own 72.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on PAYX. 3M reaffirmed an “initiates” rating on shares of Paychex in a report on Friday, June 2nd. VNET Group reaffirmed a “maintains” rating on shares of Paychex in a report on Friday, June 30th. UBS Group lifted their price target on shares of Paychex from $115.00 to $116.00 in a research report on Friday, June 30th. SpectralCast restated a “reiterates” rating on shares of Paychex in a research report on Friday, June 30th. Finally, Robert W. Baird lowered their price objective on shares of Paychex from $134.00 to $126.00 in a research report on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $123.12.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $120.54 on Monday. The firm has a market cap of $43.52 billion, a PE ratio of 28.03, a PEG ratio of 3.42 and a beta of 0.98. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The company has a fifty day moving average price of $121.64 and a 200 day moving average price of $113.91.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, June 29th. The business services provider reported $0.97 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.97. Paychex had a net margin of 31.10% and a return on equity of 46.79%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the business earned $0.81 EPS. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. Research analysts predict that Paychex, Inc. will post 4.68 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th were issued a $0.89 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.95%. Paychex’s payout ratio is 82.79%.

Insider Activity

In other news, Director Joseph M. Tucci sold 12,156 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $113.02, for a total value of $1,373,871.12. Following the sale, the director now directly owns 53,460 shares of the company’s stock, valued at approximately $6,042,049.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Paychex news, VP Michael E. Gioja sold 45,810 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $124.96, for a total value of $5,724,417.60. Following the transaction, the vice president now directly owns 19,800 shares of the company’s stock, valued at approximately $2,474,208. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 12,156 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $113.02, for a total transaction of $1,373,871.12. Following the completion of the transaction, the director now directly owns 53,460 shares in the company, valued at $6,042,049.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 221,916 shares of company stock valued at $26,789,753. 11.50% of the stock is owned by company insiders.

Paychex Company Profile

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.