Nwam LLC Reduces Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Nwam LLC decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,466 shares of the business services provider’s stock after selling 114 shares during the quarter. Nwam LLC’s holdings in Paychex were worth $276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Financial Partners Inc lifted its position in shares of Paychex by 0.8% during the second quarter. Pinnacle Financial Partners Inc now owns 10,277 shares of the business services provider’s stock valued at $1,150,000 after buying an additional 82 shares during the last quarter. Mcdonald Partners LLC lifted its position in Paychex by 1.2% during the second quarter. Mcdonald Partners LLC now owns 7,144 shares of the business services provider’s stock valued at $799,000 after acquiring an additional 85 shares during the last quarter. Haverford Trust Co boosted its stake in Paychex by 1.8% in the second quarter. Haverford Trust Co now owns 5,033 shares of the business services provider’s stock valued at $563,000 after acquiring an additional 87 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Paychex by 4.6% in the second quarter. International Assets Investment Management LLC now owns 2,002 shares of the business services provider’s stock worth $224,000 after purchasing an additional 88 shares during the last quarter. Finally, Penserra Capital Management LLC grew its holdings in Paychex by 6.3% in the first quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider’s stock worth $209,000 after purchasing an additional 91 shares during the last quarter. 72.18% of the stock is owned by institutional investors.

Paychex Price Performance

NASDAQ:PAYX opened at $117.52 on Friday. The firm’s fifty day moving average is $115.46 and its two-hundred day moving average is $115.86. The firm has a market cap of $42.45 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 3.16 and a beta of 0.97. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.24 and a current ratio of 1.24.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, September 27th. The business services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. Paychex had a return on equity of 46.51% and a net margin of 31.40%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 earnings per share. Research analysts expect that Paychex, Inc. will post 4.7 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Tuesday, November 14th will be paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Monday, November 13th. Paychex’s dividend payout ratio is currently 80.73%.

Insider Buying and Selling

In related news, VP Michael E. Gioja sold 41,329 shares of the firm’s stock in a transaction on Friday, October 6th. The shares were sold at an average price of $115.79, for a total transaction of $4,785,484.91. Following the sale, the vice president now owns 19,800 shares in the company, valued at $2,292,642. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 11.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of recent analyst reports. StockNews.com assumed coverage on Paychex in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, September 28th. Wedbush restated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a report on Tuesday, September 26th. Argus increased their price objective on shares of Paychex from $125.00 to $130.00 in a research report on Tuesday, October 3rd. Finally, Morgan Stanley boosted their target price on shares of Paychex from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 28th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Paychex presently has an average rating of “Hold” and an average price target of $121.63.

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.