Mirae Asset Global Investments Co. Ltd. Raises Stake in Paychex, Inc. (NASDAQ:PAYX)

Mirae Asset Global Investments Co. Ltd. increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 13.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 297,626 shares of the business services provider’s stock after purchasing an additional 35,981 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.08% of Paychex worth $39,581,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC lifted its position in shares of Paychex by 30.8% during 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 period. Brookstone Capital Management grew its holdings in Paychex by 37.6% in the first quarter. Brookstone Capital Management now owns 2,418 shares of the business services provider’s stock valued at $297,000 after purchasing an additional 661 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of Paychex by 9.7% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock valued at $234,000 after buying an additional 168 shares in the last quarter. Kathmere Capital Management LLC raised its stake in shares of Paychex by 11.7% during the 1st quarter. Kathmere Capital Management LLC now owns 2,760 shares of the business services provider’s stock worth $339,000 after buying an additional 289 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its position in shares of Paychex by 9.8% in the 1st quarter. Financial Management Professionals Inc. now owns 2,215 shares of the business services provider’s stock worth $272,000 after buying an additional 198 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,608 shares of company stock worth $9,384,512 over the last quarter. 11.40% of the stock is owned by corporate insiders.

Paychex Stock Down 1.0 %

PAYX opened at $140.33 on Friday. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $144.17. The firm has a 50 day moving average price of $134.67 and a 200 day moving average price of $126.71. 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 market cap of $50.50 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 3.88 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.31 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. Paychex’s revenue for the quarter was up 2.5% on a year-over-year basis. Sell-side analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Morgan Stanley lifted their target price 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. Barclays upped their target price on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. boosted their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Citigroup upped their price objective on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Finally, TD Cowen raised their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.