Symmetry Partners LLC Has $326,000 Stake in Paychex, Inc. (NASDAQ:PAYX)

Symmetry Partners LLC trimmed its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 24.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,728 shares of the business services provider’s stock after selling 886 shares during the period. Symmetry Partners LLC’s holdings in Paychex were worth $326,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PAYX. Moneta Group Investment Advisors LLC increased its holdings in Paychex by 102,768.9% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock valued at $524,359,000 after purchasing an additional 4,533,137 shares during the period. Capital International Investors grew its holdings in Paychex by 29.2% during the 2nd quarter. Capital International Investors now owns 18,823,690 shares of the business services provider’s stock worth $2,105,599,000 after acquiring an additional 4,253,202 shares during the period. Federated Hermes Inc. grew its holdings in Paychex by 337.3% during the 3rd quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock worth $178,162,000 after acquiring an additional 1,191,539 shares during the period. Ameriprise Financial Inc. grew its holdings in Paychex by 229.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock worth $188,655,000 after acquiring an additional 1,136,456 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Paychex by 8.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after acquiring an additional 927,584 shares during the period. 72.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Ratings Changes

PAYX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a report on Friday, December 22nd. Barclays reduced their target price on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, December 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Friday, December 22nd. Citigroup reduced their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, December 26th. Finally, Stifel Nicolaus raised their target price on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $123.17.

Check Out Our Latest Analysis on Paychex

Paychex Price Performance

Shares of NASDAQ PAYX opened at $120.28 on Friday. Paychex, Inc. has a fifty-two week low of $104.09 and a fifty-two week high of $129.70. The firm’s 50-day simple moving average is $121.71 and its 200 day simple moving average is $119.54. 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 $43.28 billion, a price-to-earnings ratio of 26.73, a PEG ratio of 3.30 and a beta of 0.94.

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

Paychex announced that its board has approved a share repurchase program on Friday, January 19th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 annualized dividend and a dividend yield of 2.96%. Paychex’s dividend payout ratio is currently 79.11%.

Paychex 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.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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