Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Burke & Herbert Bank & Trust Co.

Burke & Herbert Bank & Trust Co. lowered its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,361 shares of the business services provider’s stock after selling 291 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Paychex were worth $488,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Heritage Wealth Management LLC grew its holdings in shares of Paychex by 260.0% in the 4th quarter. Heritage Wealth Management LLC now owns 234 shares of the business services provider’s stock worth $27,000 after acquiring an additional 169 shares during the period. Atlantic Private Wealth LLC acquired a new position in Paychex during the first quarter worth about $36,000. Cambridge Trust Co. raised its position in Paychex by 254.4% during the first quarter. Cambridge Trust Co. now owns 319 shares of the business services provider’s stock worth $37,000 after acquiring an additional 229 shares during the last quarter. Old North State Trust LLC raised its position in Paychex by 164.7% during the first quarter. Old North State Trust LLC now owns 802 shares of the business services provider’s stock worth $38,000 after acquiring an additional 499 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in Paychex during the first quarter worth about $40,000. Institutional investors and hedge funds own 72.18% of the company’s stock.

Analyst Upgrades and Downgrades

PAYX has been the topic of a number of analyst reports. VNET Group reaffirmed a “maintains” rating on shares of Paychex in a research note on Friday, June 30th. SpectralCast reaffirmed a “reiterates” rating on shares of Paychex in a research note on Friday, June 30th. StockNews.com downgraded Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, September 13th. TD Cowen raised their target price on shares of Paychex from $123.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, August 17th. Finally, Royal Bank of Canada assumed coverage on Paychex in a research note on Tuesday, September 5th. They set a “sector perform” rating and a $130.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and a consensus price target of $123.12.

Insider Buying and Selling

In related news, Chairman Martin Mucci sold 132,851 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $120.43, for a total value of $15,999,245.93. Following the sale, the chairman now owns 459,101 shares of the company’s stock, valued at approximately $55,289,533.43. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Michael E. Gioja sold 45,810 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $124.96, for a total transaction of $5,724,417.60. Following the transaction, the vice president now owns 19,800 shares in the company, valued at $2,474,208. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Martin Mucci sold 132,851 shares of Paychex stock in a transaction on Friday, July 14th. The stock was sold at an average price of $120.43, for a total value of $15,999,245.93. Following the completion of the transaction, the chairman now owns 459,101 shares in the company, valued at $55,289,533.43. The disclosure for this sale can be found here. Insiders have sold a total of 221,916 shares of company stock valued at $26,789,753 in the last quarter. Company insiders own 11.50% of the company’s stock.

Paychex Stock Performance

Shares of PAYX stock traded up $0.86 on Monday, hitting $116.83. 712,580 shares of the stock traded hands, compared to its average volume of 1,929,152. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market capitalization of $42.18 billion, a PE ratio of 26.97, a PEG ratio of 3.39 and a beta of 0.98. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The company’s fifty day moving average is $122.26 and its 200 day moving average is $114.19.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, June 29th. The business services provider reported $0.97 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.97. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. Paychex had a return on equity of 46.79% and a net margin of 31.10%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. On average, equities research analysts predict that Paychex, Inc. will post 4.68 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were paid a $0.89 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $3.56 dividend on an annualized basis and a yield of 3.05%. Paychex’s payout ratio is currently 82.79%.

Paychex Company Profile

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.