Birch Capital Management LLC Has $1.03 Million Stake in Paychex, Inc. (NASDAQ:PAYX)

Birch Capital Management LLC decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 17.3% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 9,198 shares of the business services provider’s stock after selling 1,918 shares during the period. Birch Capital Management LLC’s holdings in Paychex were worth $1,029,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Heritage Wealth Management LLC raised its stake in shares of Paychex by 260.0% during the 4th quarter. Heritage Wealth Management LLC now owns 234 shares of the business services provider’s stock worth $27,000 after purchasing an additional 169 shares in the last quarter. Atlantic Private Wealth LLC acquired a new position in Paychex during the first quarter worth approximately $36,000. Cambridge Trust Co. increased 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 buying an additional 229 shares during the last quarter. Old North State Trust LLC lifted its position in shares of Paychex by 164.7% in the first quarter. Old North State Trust LLC now owns 802 shares of the business services provider’s stock valued at $38,000 after buying an additional 499 shares during the last quarter. Finally, Avalon Trust Co bought a new position in shares of Paychex during the 1st quarter worth approximately $40,000. 72.18% of the stock is owned by institutional investors.

Insider Activity

In other Paychex news, VP Michael E. Gioja sold 45,810 shares of Paychex stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $124.96, for a total transaction of $5,724,417.60. Following the transaction, the vice president now directly owns 19,800 shares of the company’s stock, valued at approximately $2,474,208. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Efrain Rivera sold 20,249 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $120.19, for a total value of $2,433,727.31. Following the sale, the chief financial officer now directly owns 86,136 shares of the company’s stock, valued at approximately $10,352,685.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael E. Gioja sold 45,810 shares of Paychex stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $124.96, for a total value of $5,724,417.60. Following the completion of the transaction, the vice president now directly owns 19,800 shares of the company’s stock, valued at $2,474,208. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 221,916 shares of company stock valued at $26,789,753. Insiders own 11.50% of the company’s stock.

Paychex Price Performance

Shares of PAYX stock opened at $116.31 on Tuesday. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $122.26 and a 200 day simple moving average of $114.19. The company has a market cap of $41.99 billion, a P/E ratio of 27.05, a P/E/G ratio of 3.30 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, June 29th. The business services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. Paychex had a net margin of 31.10% and a return on equity of 46.79%. The firm’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. On average, sell-side analysts forecast that Paychex, Inc. will post 4.68 EPS for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 3.06%. The ex-dividend date was Wednesday, August 9th. Paychex’s dividend payout ratio (DPR) is currently 82.79%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Robert W. Baird cut their price target on Paychex from $134.00 to $126.00 in a report on Monday, July 3rd. Royal Bank of Canada assumed coverage on shares of Paychex in a report on Tuesday, September 5th. They issued a “sector perform” rating and a $130.00 price target on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $125.00 target price on shares of Paychex in a research report on Friday, June 30th. Bank of America dropped their price target on Paychex from $105.00 to $103.00 in a report on Friday, June 30th. Finally, TD Cowen upped their price objective on Paychex from $123.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, August 17th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $123.12.

About Paychex

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.