Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Logan Capital Management Inc.

Logan Capital Management Inc. reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 20.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,156 shares of the business services provider’s stock after selling 302 shares during the period. Logan Capital Management Inc.’s holdings in Paychex were worth $138,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PAYX. Capital International Investors grew its stake in Paychex by 9.0% in the 4th quarter. Capital International Investors now owns 18,504,389 shares of the business services provider’s stock worth $2,204,115,000 after acquiring an additional 1,523,520 shares during the period. Federated Hermes Inc. grew its stake in Paychex by 337.3% in 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 stake in Paychex by 229.8% in 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. Capital World Investors purchased a new stake in Paychex in the 4th quarter worth approximately $115,494,000. Finally, TD Asset Management Inc grew its stake in Paychex by 123.5% in the 4th quarter. TD Asset Management Inc now owns 1,386,462 shares of the business services provider’s stock worth $165,141,000 after acquiring an additional 766,252 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PAYX has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Tuesday, May 21st. TD Cowen lowered their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Wedbush reissued a “neutral” rating and set a $115.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. Evercore ISI reissued an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research note on Tuesday, March 26th. Finally, Bank of America boosted their price objective on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, Paychex currently has an average rating of “Hold” and an average price target of $123.00.

Read Our Latest Stock Report on Paychex

Paychex Stock Down 0.5 %

Shares of Paychex stock opened at $121.94 on Tuesday. The company has a fifty day moving average price of $122.06 and a 200 day moving average price of $121.91. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $129.70. The stock has a market cap of $43.89 billion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 3.40 and a beta of 0.96.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the business posted $1.29 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were issued a $0.98 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a yield of 3.21%. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s payout ratio is currently 85.40%.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $124.55, for a total value of $2,454,755.95. Following the transaction, the director now owns 5,383 shares in the company, valued at approximately $670,452.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.50% of the stock is currently owned by company insiders.

About Paychex

(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

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXFree Report).

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.