True Vision MN LLC Buys 507 Shares of Paychex, Inc. (NASDAQ:PAYX)

True Vision MN LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 19.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,123 shares of the business services provider’s stock after purchasing an additional 507 shares during the period. True Vision MN LLC’s holdings in Paychex were worth $419,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC boosted its position in shares of Paychex by 38,655.2% during the 3rd quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock valued at $107,340,000 after acquiring an additional 797,843 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Paychex by 19.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock valued at $279,351,000 after purchasing an additional 384,184 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Paychex by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock worth $1,278,142,000 after buying an additional 345,682 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Paychex by 27.4% in the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock worth $132,636,000 after buying an additional 212,700 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Paychex by 175.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 331,115 shares of the business services provider’s stock valued at $39,257,000 after buying an additional 211,010 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Trading Up 0.2 %

NASDAQ:PAYX traded up $0.27 during midday trading on Wednesday, reaching $146.46. 45,413 shares of the stock traded hands, compared to its average volume of 1,771,066. The stock has a market capitalization of $52.71 billion, a P/E ratio of 31.17, a PEG ratio of 3.99 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a fifty day moving average of $140.61 and a 200 day moving average of $130.37. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data 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. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 earnings per share. On average, research analysts predict that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.68%. Paychex’s dividend payout ratio is currently 83.58%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PAYX. Royal Bank of Canada upped their target price on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised their price objective on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Barclays upped their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Finally, UBS Group lifted their price target on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $131.62.

Insider Activity

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,174 shares of company stock valued at $7,577,231. Company insiders own 11.40% 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.