Wedmont Private Capital Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

Wedmont Private Capital acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,963 shares of the business services provider’s stock, valued at approximately $224,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Rather & Kittrell Inc. bought a new position in Paychex during the 4th quarter worth $25,000. MCF Advisors LLC bought a new position in Paychex during the 1st quarter worth $25,000. Clear Investment Research LLC bought a new position in Paychex during the 1st quarter worth $27,000. Princeton Global Asset Management LLC bought a new position in Paychex during the 1st quarter worth $27,000. Finally, DeDora Capital Inc. bought a new position in Paychex during the 1st quarter worth $28,000. Institutional investors own 71.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PAYX shares. Cowen decreased their price target on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, June 30th. Cowen decreased their price target on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, June 30th. Morgan Stanley decreased their price target on 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 decreased their price target on Paychex from $145.00 to $125.00 and set a “neutral” rating on the stock in a research note on Thursday, July 7th. Finally, William Blair reiterated a “market perform” rating on shares of Paychex in a research note on Wednesday, June 29th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average target price of $130.75.

Paychex Trading Down 1.2 %

NASDAQ PAYX opened at $120.04 on Wednesday. The company has a market cap of $43.25 billion, a price-to-earnings ratio of 31.26, a price-to-earnings-growth ratio of 3.91 and a beta of 1.00. Paychex, Inc. has a twelve month low of $106.55 and a twelve month high of $141.92. The business’s fifty day moving average is $126.26 and its 200 day moving average is $125.45. 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 announced its earnings results on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.79 by $0.02. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a return on equity of 43.65% and a net margin of 30.20%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. As a group, sell-side analysts expect that Paychex, Inc. will post 4.14 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Wednesday, August 10th. Paychex’s payout ratio is presently 82.29%.

Insiders Place Their Bets

In other Paychex news, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $113.34, for a total transaction of $474,214.56. Following the transaction, the director now directly owns 60,531 shares of the company’s stock, valued at approximately $6,860,583.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Robert L. Schrader sold 783 shares of the business’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $115.00, for a total value of $90,045.00. Following the transaction, the vice president now directly owns 8,199 shares of the company’s stock, valued at approximately $942,885. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Velli sold 4,184 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the completion of the transaction, the director now directly owns 60,531 shares in the company, valued at $6,860,583.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,837 shares of company stock valued at $10,539,336. 11.50% of the stock is currently owned by company insiders.

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

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXGet Rating).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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