XTX Topco Ltd Takes $2.14 Million Position in Paychex, Inc. (NASDAQ:PAYX)

XTX Topco Ltd purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,081 shares of the business services provider’s stock, valued at approximately $2,144,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Czech National Bank raised its position in shares of Paychex by 8.3% in the second quarter. Czech National Bank now owns 61,049 shares of the business services provider’s stock worth $7,238,000 after acquiring an additional 4,703 shares during the period. Virtu Financial LLC acquired a new stake in shares of Paychex during the 4th quarter valued at about $1,400,000. Nordea Investment Management AB increased its stake in shares of Paychex by 85.1% in the 1st quarter. Nordea Investment Management AB now owns 1,259,393 shares of the business services provider’s stock valued at $154,263,000 after purchasing an additional 579,136 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new position in Paychex in the 4th quarter worth about $23,330,000. Finally, Bank of Nova Scotia raised its holdings in Paychex by 13.9% in the 4th quarter. Bank of Nova Scotia now owns 82,955 shares of the business services provider’s stock worth $9,880,000 after purchasing an additional 10,143 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $133.17 on Friday. The firm has a 50-day simple moving average of $127.74 and a two-hundred day simple moving average of $123.72. The stock has a market cap of $47.91 billion, a PE ratio of 28.52, a P/E/G ratio of 3.55 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $137.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37.

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

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 8th were issued a $0.98 dividend. The ex-dividend date was Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 2.94%. Paychex’s dividend payout ratio is presently 83.94%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. TD Cowen boosted their price objective on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a research report on Thursday, September 12th. Robert W. Baird cut their price target on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Barclays reduced their price objective on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Bank of America lifted their target price on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Finally, Morgan Stanley decreased their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $123.00.

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the completion of the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $125.60, for a total value of $1,207,644.00. Following the completion of the transaction, the director now owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,163 shares of company stock valued at $17,537,817. Corporate insiders own 11.50% of the company’s stock.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.