Paychex, Inc. (NASDAQ:PAYX) Stake Decreased by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,631 shares of the business services provider’s stock after selling 985 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Paychex were worth $3,088,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Insight Advisors LLC PA increased its stake in shares of Paychex by 38.9% during the first quarter. Insight Advisors LLC PA now owns 4,577 shares of the business services provider’s stock valued at $625,000 after acquiring an additional 1,282 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Paychex by 25.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,036 shares of the business services provider’s stock valued at $44,085,000 after acquiring an additional 66,429 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Paychex by 23.2% during the first quarter. EverSource Wealth Advisors LLC now owns 2,557 shares of the business services provider’s stock valued at $349,000 after acquiring an additional 481 shares during the period. L.M. Kohn & Company acquired a new position in shares of Paychex during the first quarter valued at approximately $1,116,000. Finally, M Holdings Securities Inc. purchased a new position in Paychex during the 1st quarter worth approximately $408,000. Institutional investors own 71.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PAYX. Cowen decreased their target price on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, June 30th. Cowen reduced their price objective on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating for the company 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 note on Thursday, July 7th. Bank of America reduced their price objective on shares of Paychex from $138.00 to $124.00 in a research note on Wednesday, June 29th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Paychex from $145.00 to $123.00 and set a “hold” rating for the company in a research note on Thursday, June 30th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $130.75.

Paychex Stock Performance

NASDAQ PAYX opened at $121.49 on Tuesday. The stock has a market cap of $43.77 billion, a P/E ratio of 31.64, a PEG ratio of 3.87 and a beta of 1.00. The company’s 50-day simple moving average is $126.15 and its 200 day simple moving average is $125.47. Paychex, Inc. has a twelve month low of $106.55 and a twelve month high of $141.92. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.26.

Paychex (NASDAQ:PAYXGet Rating) last posted its earnings results on Wednesday, June 29th. The business services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 earnings per share. As a group, research analysts forecast that Paychex, Inc. will post 4.14 earnings per share 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 given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Wednesday, August 10th. Paychex’s dividend payout ratio is 82.29%.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 1,227 shares of Paychex stock in a transaction dated 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 in the company, valued at $6,022,682.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Michael E. Gioja sold 1,227 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $117.81, for a total value of $144,552.87. Following the completion of the sale, the vice president now directly owns 51,122 shares in the company, valued at $6,022,682.82. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael E. Gioja sold 4,009 shares of the company’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $116.80, for a total transaction of $468,251.20. Following the transaction, the vice president now owns 47,113 shares of the company’s stock, valued at $5,502,798.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,837 shares of company stock valued at $10,539,336. Corporate insiders own 11.50% of the company’s stock.

Paychex 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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