Paychex, Inc. (NASDAQ:PAYX) Shares Bought by CreativeOne Wealth LLC

CreativeOne Wealth LLC increased its holdings in Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 2.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,971 shares of the business services provider’s stock after buying an additional 196 shares during the period. CreativeOne Wealth LLC’s holdings in Paychex were worth $894,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PAYX. Enlightenment Research LLC bought a new position in Paychex during the 3rd quarter worth $292,000. First Business Financial Services Inc. grew its position in shares of Paychex by 3.1% during the third quarter. First Business Financial Services Inc. now owns 11,573 shares of the business services provider’s stock worth $1,299,000 after acquiring an additional 351 shares during the last quarter. Fred Alger Management LLC increased its holdings in shares of Paychex by 48.2% in the 3rd quarter. Fred Alger Management LLC now owns 858 shares of the business services provider’s stock worth $96,000 after acquiring an additional 279 shares during the period. Kingsview Wealth Management LLC lifted its position in Paychex by 0.5% in the 3rd quarter. Kingsview Wealth Management LLC now owns 66,203 shares of the business services provider’s stock valued at $7,429,000 after purchasing an additional 339 shares during the last quarter. Finally, Mather Group LLC. lifted its position in Paychex by 3.0% in the 3rd quarter. Mather Group LLC. now owns 3,256 shares of the business services provider’s stock valued at $365,000 after purchasing an additional 95 shares during the last quarter. 71.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Paychex

In related news, VP Michael E. Gioja sold 13,744 shares of Paychex stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $115.30, for a total value of $1,584,683.20. Following the completion of the sale, the vice president now owns 33,268 shares of the company’s stock, valued at approximately $3,835,800.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.50% of the company’s stock.

Analysts Set New Price Targets

PAYX has been the topic of several analyst reports. Citigroup dropped their price target on shares of Paychex from $131.00 to $119.00 in a research note on Friday, December 23rd. Evercore ISI lowered their target price on Paychex from $117.00 to $114.00 in a research report on Tuesday, December 27th. Morgan Stanley reduced their price target on Paychex from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Friday, December 23rd. Barclays lowered their price target on Paychex from $110.00 to $105.00 and set an “underweight” rating on the stock in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Paychex from $123.00 to $116.00 in a report on Tuesday, January 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $123.69.

Paychex Stock Performance

Shares of Paychex stock opened at $108.24 on Wednesday. The stock has a market cap of $39.02 billion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 3.38 and a beta of 0.98. Paychex, Inc. has a 12 month low of $105.66 and a 12 month high of $141.92. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $114.87 and a 200-day simple moving average of $116.88.

Paychex (NASDAQ:PAYX – Get Rating) last released its earnings results on Thursday, December 22nd. The business services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.04. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Paychex had a return on equity of 45.50% and a net margin of 30.45%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.25 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 23rd. Investors of record on Thursday, February 9th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Wednesday, February 8th. Paychex’s payout ratio is presently 78.02%.

Paychex Profile

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Paychex, Inc engages in the provision of human capital management solutions for payroll, human resources, insurance and retirement for small and medium-sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.