Shell Asset Management Co. Sells 827 Shares of Paychex, Inc. (NASDAQ:PAYX)

Shell Asset Management Co. trimmed its position in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 48.0% in the 2nd quarter, Holdings Channel reports. The firm owned 895 shares of the business services provider’s stock after selling 827 shares during the quarter. Shell Asset Management Co.’s holdings in Paychex were worth $102,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. MCF Advisors LLC bought a new position in Paychex in the 1st quarter valued at $25,000. Heritage Financial Services LLC purchased a new stake in shares of Paychex during the 2nd quarter valued at $26,000. Princeton Global Asset Management LLC purchased a new stake in shares of Paychex during the 1st quarter valued at $27,000. Newbridge Financial Services Group Inc. raised its position in shares of Paychex by 68.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 286 shares of the business services provider’s stock valued at $33,000 after buying an additional 116 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV purchased a new stake in shares of Paychex during the 2nd quarter valued at $34,000. 71.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PAYX has been the topic of several research reports. Credit Suisse Group lowered their price objective on shares of Paychex from $150.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, September 29th. Robert W. Baird raised their price objective on shares of Paychex to $134.00 in a research report on Wednesday, October 5th. Cowen raised their price objective on shares of Paychex from $125.00 to $132.00 and gave the company an “outperform” rating in a research report on Thursday, September 29th. StockNews.com started coverage on shares of Paychex in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Cowen lifted their target price on shares of Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $130.45.

Paychex Price Performance

PAYX stock opened at $120.83 on Friday. The firm’s 50-day moving average price is $115.95 and its two-hundred day moving average price is $120.57. Paychex, Inc. has a 12-month low of $105.66 and a 12-month high of $141.92. The stock has a market capitalization of $43.55 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 3.81 and a beta of 0.98. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Paychex (NASDAQ:PAYXGet Rating) last released its quarterly earnings data on Wednesday, September 28th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Paychex had a net margin of 30.38% and a return on equity of 44.87%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company earned $0.89 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, equities analysts predict that Paychex, Inc. will post 4.21 earnings per share for the current year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 9th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Tuesday, November 8th. Paychex’s payout ratio is 79.60%.

Insider Buying and Selling at Paychex

In other news, CFO Efrain Rivera sold 298 shares of Paychex stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $111.06, for a total transaction of $33,095.88. Following the sale, the chief financial officer now owns 79,275 shares of the company’s stock, valued at approximately $8,804,281.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.50% of the company’s stock.

About Paychex

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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.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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