Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC decreased its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 11.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,472 shares of the business services provider’s stock after selling 551 shares during the period. Sequoia Financial Advisors LLC’s holdings in Paychex were worth $516,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. ST Germain D J Co. Inc. acquired a new position in shares of Paychex in the 2nd quarter worth approximately $26,000. OFI Invest Asset Management acquired a new position in shares of Paychex in the 3rd quarter worth approximately $26,000. Carmel Capital Partners LLC acquired a new position in shares of Paychex in the 3rd quarter worth approximately $28,000. NewSquare Capital LLC grew its stake in shares of Paychex by 91.7% in the 2nd quarter. NewSquare Capital LLC now owns 255 shares of the business services provider’s stock worth $29,000 after purchasing an additional 122 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 72.18% of the company’s stock.

Insider Activity at Paychex

In related news, Director David J. S. Flaschen sold 16,031 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the transaction, the director now owns 5,383 shares of the company’s stock, valued at $644,829.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David J. S. Flaschen sold 16,031 shares of Paychex stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $644,829.57. The disclosure for this sale can be found here. Insiders own 11.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PAYX shares. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research note on Friday, December 22nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Friday, December 22nd. UBS Group initiated coverage on shares of Paychex in a report on Tuesday, November 7th. They issued a “neutral” rating and a $120.00 target price for the company. Stifel Nicolaus raised their target price on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Finally, Citigroup decreased their target price on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus target price of $123.17.

Read Our Latest Stock Report on PAYX

Paychex Stock Performance

PAYX stock opened at $123.03 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $44.27 billion, a P/E ratio of 27.34, a P/E/G ratio of 3.32 and a beta of 0.95. The firm has a 50 day simple moving average of $121.81 and a 200 day simple moving average of $119.78. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.01. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.27 billion. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 earnings per share. Research analysts anticipate that Paychex, Inc. will post 4.72 earnings per share for the current fiscal year.

Paychex declared that its board has approved a share buyback plan on Friday, January 19th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Monday, February 12th. Paychex’s payout ratio is presently 79.11%.

Paychex Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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