Forum Financial Management LP Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Forum Financial Management LP increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 13.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,020 shares of the business services provider’s stock after purchasing an additional 361 shares during the period. Forum Financial Management LP’s holdings in Paychex were worth $412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PAYX. Atticus Wealth Management LLC grew its holdings in shares of Paychex by 229.4% during the first quarter. Atticus Wealth Management LLC now owns 1,746 shares of the business services provider’s stock worth $238,000 after buying an additional 1,216 shares during the last quarter. DNB Asset Management AS grew its stake in shares of Paychex by 4.3% in the 1st quarter. DNB Asset Management AS now owns 65,680 shares of the business services provider’s stock valued at $8,963,000 after purchasing an additional 2,719 shares during the last quarter. Stratos Wealth Advisors LLC grew its stake in shares of Paychex by 1.2% in the 1st quarter. Stratos Wealth Advisors LLC now owns 15,781 shares of the business services provider’s stock valued at $2,154,000 after purchasing an additional 191 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Paychex by 7.0% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 194,928 shares of the business services provider’s stock worth $26,602,000 after purchasing an additional 12,794 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its holdings in shares of Paychex by 12.4% during the fourth quarter. Equitable Holdings Inc. now owns 2,418 shares of the business services provider’s stock worth $330,000 after purchasing an additional 267 shares during the period. 71.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Paychex

In other Paychex news, CFO Efrain Rivera sold 30,866 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $116.13, for a total value of $3,584,468.58. Following the transaction, the chief financial officer now directly owns 86,031 shares in the company, valued at approximately $9,990,780.03. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, COO John B. Gibson sold 2,842 shares of Paychex stock in a transaction on Friday, July 15th. The stock was sold at an average price of $115.00, for a total value of $326,830.00. Following the completion of the sale, the chief operating officer now owns 45,845 shares of the company’s stock, valued at $5,272,175. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Efrain Rivera sold 30,866 shares of the stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $116.13, for a total value of $3,584,468.58. Following the transaction, the chief financial officer now owns 86,031 shares in the company, valued at $9,990,780.03. The disclosure for this sale can be found here. Insiders have sold a total of 90,837 shares of company stock valued at $10,539,336 over the last quarter. Insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

PAYX has been the topic of several recent research reports. Morgan Stanley dropped their price objective on shares of Paychex from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 30th. Citigroup reduced their price objective on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, July 7th. William Blair reiterated a “market perform” rating on shares of Paychex in a research report on Wednesday, June 29th. Cowen reduced their price target on Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Finally, Cowen dropped their price objective on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock 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 MarketBeat, the company presently has an average rating of “Hold” and an average price target of $130.75.

Paychex Price Performance

Paychex stock opened at $127.33 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. The firm’s 50-day simple moving average is $125.61 and its 200 day simple moving average is $125.37. Paychex, Inc. has a 52 week low of $106.55 and a 52 week high of $141.92. The firm has a market capitalization of $45.88 billion, a PE ratio of 33.16, a P/E/G ratio of 4.08 and a beta of 1.00.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were given a $0.79 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $3.16 annualized dividend and a dividend yield of 2.48%. Paychex’s dividend payout ratio is currently 82.29%.

Paychex Company Profile

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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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