Salem Investment Counselors Inc. Sells 301 Shares of Paychex, Inc. (NASDAQ:PAYX)

Salem Investment Counselors Inc. cut its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 23.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 956 shares of the business services provider’s stock after selling 301 shares during the period. Salem Investment Counselors Inc.’s holdings in Paychex were worth $114,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. LVW Advisors LLC increased its holdings in shares of Paychex by 13.8% in the 4th quarter. LVW Advisors LLC now owns 23,147 shares of the business services provider’s stock worth $2,757,000 after buying an additional 2,812 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in Paychex during the 4th quarter valued at about $2,025,000. Mutual Advisors LLC bought a new position in Paychex during the 4th quarter valued at about $281,000. Premier Path Wealth Partners LLC bought a new position in Paychex during the 4th quarter valued at about $281,000. Finally, Allred Capital Management LLC bought a new position in Paychex during the 4th quarter valued at about $231,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Trading Down 1.6 %

Shares of Paychex stock opened at $118.96 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70. The firm has a market capitalization of $42.80 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 3.27 and a beta of 0.94. The firm’s 50 day simple moving average is $121.94 and its two-hundred day simple moving average is $119.51.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a $0.89 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.99%. Paychex’s payout ratio is currently 79.11%.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PAYX shares. Citigroup cut their price target on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, December 26th. TD Cowen reaffirmed a “market perform” rating and issued a $123.00 price target (down previously from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Stifel Nicolaus upped their price target on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research report on Friday, December 22nd. JPMorgan Chase & Co. lowered their price target on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research report on Friday, December 22nd. Finally, Barclays lowered their price target on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $123.17.

Get Our Latest Stock Analysis on Paychex

Insider Transactions at Paychex

In other news, Director David J. S. Flaschen sold 16,031 shares of the stock in a transaction 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 in the company, valued at $644,829.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction 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 sale, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David J. S. Flaschen sold 16,031 shares of the stock in a transaction 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 directly owns 5,383 shares in the company, valued at $644,829.57. The disclosure for this sale can be found here. Company insiders own 11.50% of the company’s stock.

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.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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