Paychex, Inc. (NASDAQ:PAYX) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,597 shares of the business services provider’s stock after selling 1,027 shares during the period. OLD National Bancorp IN’s holdings in Paychex were worth $617,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PAYX. Columbus Macro LLC acquired a new stake in Paychex in the 1st quarter valued at about $818,000. Kingswood Wealth Advisors LLC raised its holdings in Paychex by 30.8% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 3,490 shares of the business services provider’s stock valued at $429,000 after acquiring an additional 822 shares during the last quarter. Elevated Capital Advisors LLC increased its holdings in shares of Paychex by 9.8% during the 1st quarter. Elevated Capital Advisors LLC now owns 6,415 shares of the business services provider’s stock worth $788,000 after buying an additional 571 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Paychex by 4.1% during the 1st quarter. Sunbelt Securities Inc. now owns 4,919 shares of the business services provider’s stock worth $604,000 after buying an additional 196 shares during the last quarter. Finally, Brookstone Capital Management increased its holdings in shares of Paychex by 37.6% during the 1st quarter. Brookstone Capital Management now owns 2,418 shares of the business services provider’s stock worth $297,000 after buying an additional 661 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Activity

In other news, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction on Friday, July 26th. The stock was sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the sale, the director now owns 5,383 shares in the company, valued at $676,104.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,223 shares of company stock worth $10,592,156. 11.40% of the stock is currently owned by corporate insiders.

Paychex Stock Performance

Shares of PAYX stock opened at $141.34 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 52 week low of $106.27 and a 52 week high of $144.17. The stock has a market capitalization of $50.87 billion, a PE ratio of 30.14, a P/E/G ratio of 3.89 and a beta of 1.00. The firm has a 50 day moving average of $134.03 and a two-hundred day moving average of $126.50.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter last year, the company posted $1.14 EPS. The firm’s revenue was up 2.5% compared to the same quarter last year. On average, research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.77%. Paychex’s payout ratio is 83.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PAYX. Stifel Nicolaus raised their price target on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Royal Bank of Canada raised their price target on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. 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. UBS Group raised their price target on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley increased their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, Paychex has an average rating of “Hold” and a consensus target price of $130.77.

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.