Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 8.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,562 shares of the business services provider’s stock after selling 1,529 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Paychex were worth $2,082,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TrinityPoint Wealth LLC grew its holdings in Paychex by 17.3% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,181 shares of the business services provider’s stock worth $498,000 after acquiring an additional 617 shares during the period. Norges Bank purchased a new position in shares of Paychex during the 4th quarter valued at approximately $33,812,000. PNC Financial Services Group Inc. increased its holdings in shares of Paychex by 0.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 679,598 shares of the business services provider’s stock valued at $80,947,000 after purchasing an additional 3,513 shares in the last quarter. Gladstone Institutional Advisory LLC acquired a new position in shares of Paychex in the 4th quarter valued at $237,000. Finally, Coldstream Capital Management Inc. boosted its holdings in Paychex by 19.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 9,602 shares of the business services provider’s stock worth $1,144,000 after buying an additional 1,587 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Paychex

In other news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Paychex news, CEO John B. Gibson sold 12,670 shares of Paychex stock in a transaction on Monday, July 15th. The stock was sold at an average price of $119.53, for a total value of $1,514,445.10. Following the sale, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the stock in a transaction on 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 transaction, the chairman now owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The disclosure for this sale can be found here. Insiders sold a total of 147,163 shares of company stock worth $17,537,817 in the last three months. 11.50% of the stock is owned by corporate insiders.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $135.19 on Tuesday. The firm has a 50-day simple moving average of $126.74 and a 200-day simple moving average of $123.51. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $48.63 billion, a price-to-earnings ratio of 28.95, a price-to-earnings-growth ratio of 3.55 and a beta of 1.00. Paychex, Inc. has a 52 week low of $106.27 and a 52 week high of $137.40.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. The company 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%. Paychex’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. On average, equities analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is currently 83.94%.

Analysts Set New Price Targets

PAYX has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a report on Thursday, June 27th. Morgan Stanley reduced their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Robert W. Baird lowered their price target on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Barclays cut their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Finally, Bank of America increased their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $123.00.

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.