Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Caprock Group LLC

Caprock Group LLC trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 18.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,674 shares of the business services provider’s stock after selling 1,023 shares during the period. Caprock Group LLC’s holdings in Paychex were worth $557,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new position in Paychex during the fourth quarter worth $1,229,000. Nordea Investment Management AB lifted its stake in Paychex by 218.8% during the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after purchasing an additional 466,890 shares in the last quarter. NBC Securities Inc. acquired a new position in Paychex during the third quarter worth $3,311,000. Comerica Bank acquired a new position in Paychex during the second quarter worth $8,123,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Paychex during the second quarter worth $5,940,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Performance

NASDAQ PAYX opened at $122.80 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.23 and a quick ratio of 1.23. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70. The company has a market capitalization of $44.19 billion, a PE ratio of 27.29, a P/E/G ratio of 3.32 and a beta of 0.94. The company has a fifty day moving average of $122.02 and a two-hundred day moving average of $119.55.

Paychex declared that its board has initiated a stock repurchase plan on Friday, January 19th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were paid a $0.89 dividend. The ex-dividend date was Monday, February 12th. This represents a $3.56 annualized dividend and a yield of 2.90%. Paychex’s dividend payout ratio is presently 79.11%.

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PAYX has been the topic of a number of recent research reports. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. JPMorgan Chase & Co. cut their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research report on Friday, December 22nd. TD Cowen reaffirmed a “market perform” rating and set a $123.00 price objective (down previously from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Barclays cut their price objective on Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $122.77.

Check Out Our Latest Analysis on Paychex

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.

Read More

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.