Graypoint LLC Raises Stake in Paychex, Inc. (NASDAQ:PAYX)

Graypoint LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 14.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,267 shares of the business services provider’s stock after purchasing an additional 534 shares during the period. Graypoint LLC’s holdings in Paychex were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. ORG Partners LLC boosted its holdings in Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. ESL Trust Services LLC acquired a new position in shares of Paychex in the 1st quarter valued at $31,000. Chilton Capital Management LLC purchased a new position in shares of Paychex in the 1st quarter valued at $31,000. American National Bank grew its position in shares of Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after buying an additional 180 shares during the last quarter. Finally, Clear Investment Research LLC raised its stake in Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after acquiring an additional 110 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Paychex

In other news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the sale, the chairman now owns 437,345 shares in the company, valued at approximately $51,287,448.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark Anthony Bottini sold 8,954 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total value of $1,106,714.40. Following the completion of the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,163 shares of company stock worth $17,537,817. 11.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on PAYX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Thursday, June 27th. Barclays cut their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Monday, July 1st. Robert W. Baird decreased their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Morgan Stanley dropped their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Finally, Bank of America boosted their price target on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus price target of $122.62.

Paychex Stock Up 1.3 %

PAYX opened at $131.20 on Monday. Paychex, Inc. has a one year low of $106.27 and a one year high of $132.13. The company has a market cap of $47.25 billion, a price-to-earnings ratio of 28.09, a PEG ratio of 3.47 and a beta of 1.00. The business’s fifty day moving average is $123.75 and its two-hundred day moving average is $122.80. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. Paychex’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. Analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.99%. Paychex’s payout ratio is 83.94%.

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.