Norden Group LLC Invests $3.26 Million in Paychex, Inc. (NASDAQ:PAYX)

Norden Group LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 26,502 shares of the business services provider’s stock, valued at approximately $3,255,000.

Other large investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC purchased a new stake in shares of Paychex in the third quarter worth $34,000. Clear Investment Research LLC raised its position in shares of Paychex by 55.8% in the fourth quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after buying an additional 110 shares in the last quarter. Criterion Capital Advisors LLC purchased a new stake in shares of Paychex in the fourth quarter worth $40,000. Tidemark LLC purchased a new stake in shares of Paychex in the fourth quarter worth $40,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Paychex in the fourth quarter worth $41,000. 83.47% of the stock is owned by institutional investors.

Paychex Stock Down 0.8 %

PAYX opened at $117.43 on Friday. The company has a market cap of $42.27 billion, a P/E ratio of 25.15, a P/E/G ratio of 3.11 and a beta of 1.00. The business’s 50-day moving average price is $122.13 and its 200-day moving average price is $121.75. The company has a current ratio of 1.37, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12 month low of $106.27 and a 12 month high of $129.70.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, equities analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Friday, May 10th were paid a $0.98 dividend. The ex-dividend date was Thursday, May 9th. This is a boost from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 annualized dividend and a dividend yield of 3.34%. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PAYX shares. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. Robert W. Baird lowered their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Bank of America raised their price target on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Morgan Stanley lowered their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, Paychex currently has an average rating of “Hold” and a consensus target price of $122.46.

Insider Buying and Selling

In related news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now directly owns 5,383 shares in the company, valued at $670,452.65. The disclosure for this sale can be found here. 11.50% of the stock is owned by insiders.

Paychex Profile

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.