Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Financial Advocates Investment Management

Financial Advocates Investment Management lifted its position in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 222.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,538 shares of the business services provider’s stock after acquiring an additional 5,202 shares during the period. Financial Advocates Investment Management’s holdings in Paychex were worth $858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PAYX. MCF Advisors LLC purchased a new position in Paychex during the first quarter worth approximately $25,000. Heritage Financial Services LLC purchased a new position in Paychex during the second quarter worth approximately $26,000. Princeton Global Asset Management LLC purchased a new position in Paychex during the first quarter worth approximately $27,000. Newbridge Financial Services Group Inc. lifted its position in Paychex by 68.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 286 shares of the business services provider’s stock worth $33,000 after buying an additional 116 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV purchased a new position in Paychex during the second quarter worth approximately $34,000. 71.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Efrain Rivera sold 298 shares of the business’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $111.06, for a total transaction of $33,095.88. Following the completion of the transaction, the chief financial officer now directly owns 79,275 shares of the company’s stock, valued at approximately $8,804,281.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cowen lifted their price objective on Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. Cowen lifted their price objective on Paychex from $125.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. StockNews.com started coverage on Paychex in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Credit Suisse Group reduced their target price on Paychex from $150.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, September 29th. Finally, Robert W. Baird lifted their target price on Paychex to $134.00 in a research report on Wednesday, October 5th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $130.45.

Paychex Price Performance

PAYX stock opened at $123.16 on Thursday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $44.39 billion, a PE ratio of 31.02, a P/E/G ratio of 3.89 and a beta of 0.98. Paychex, Inc. has a 12-month low of $105.66 and a 12-month high of $141.92. The business’s fifty day moving average price is $115.85 and its 200 day moving average price is $120.46.

Paychex (NASDAQ:PAYXGet Rating) last posted its quarterly earnings data on Wednesday, September 28th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Paychex had a return on equity of 44.87% and a net margin of 30.38%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.21 EPS for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Wednesday, November 9th were paid a dividend of $0.79 per share. The ex-dividend date was Tuesday, November 8th. This represents a $3.16 annualized dividend and a yield of 2.57%. Paychex’s payout ratio is 79.60%.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

Further Reading

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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