AdvisorNet Financial Inc Reduces Position in Paychex, Inc. (NASDAQ:PAYX)

AdvisorNet Financial Inc lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 6.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,594 shares of the business services provider’s stock after selling 109 shares during the period. AdvisorNet Financial Inc’s holdings in Paychex were worth $182,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PAYX. JPMorgan Chase & Co. grew its position in Paychex by 13.1% during the 4th quarter. JPMorgan Chase & Co. now owns 490,494 shares of the business services provider’s stock worth $66,952,000 after purchasing an additional 56,700 shares during the last quarter. Level Four Advisory Services LLC purchased a new stake in Paychex during the 4th quarter worth approximately $307,000. American International Group Inc. grew its position in Paychex by 0.3% during the 4th quarter. American International Group Inc. now owns 137,814 shares of the business services provider’s stock worth $18,812,000 after purchasing an additional 446 shares during the last quarter. Invesco Ltd. grew its position in Paychex by 0.7% during the 4th quarter. Invesco Ltd. now owns 2,684,389 shares of the business services provider’s stock worth $366,420,000 after purchasing an additional 17,795 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in Paychex by 9.4% during the 4th quarter. Schroder Investment Management Group now owns 440,531 shares of the business services provider’s stock worth $60,133,000 after purchasing an additional 37,775 shares during the last quarter. Hedge funds and other institutional investors own 71.80% of the company’s stock.

Analyst Ratings Changes

PAYX has been the topic of several research analyst reports. Bank of America dropped their target price on shares of Paychex from $138.00 to $124.00 in a research report on Wednesday, June 29th. William Blair reaffirmed a “market perform” rating on shares of Paychex in a report on Wednesday, June 29th. Citigroup dropped their price objective on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. 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 report on Thursday, June 30th. Finally, Barclays dropped their price objective on shares of Paychex from $140.00 to $127.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $130.75.

Paychex Stock Performance

PAYX opened at $120.04 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a fifty day moving average price of $126.26 and a 200 day moving average price of $125.45. The stock has a market cap of $43.25 billion, a P/E ratio of 31.26, a P/E/G 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.

Paychex (NASDAQ:PAYXGet Rating) last posted its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The company had revenue of $1.13 billion during 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 period in the prior year, the business posted $0.72 earnings per share. Equities research analysts anticipate that Paychex, Inc. will post 4.14 earnings per share for the current year.

Paychex Announces Dividend

The business also recently disclosed 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. This represents a $3.16 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Wednesday, August 10th. Paychex’s dividend payout ratio is presently 82.29%.

Insiders Place Their Bets

In other Paychex news, VP Michael E. Gioja sold 1,227 shares of the company’s stock in a transaction on Wednesday, July 6th. The shares were 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 directly owns 51,122 shares in the company, valued at $6,022,682.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Michael E. Gioja sold 1,227 shares of the stock in a transaction dated Wednesday, July 6th. The shares were 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael E. Gioja sold 4,009 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $468,251.20. Following the completion of the sale, 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 ninety days, insiders sold 90,837 shares of company stock worth $10,539,336. Company insiders own 11.50% of the company’s stock.

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.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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