Axxcess Wealth Management LLC Has $2.63 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Axxcess Wealth Management LLC cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 22.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,418 shares of the business services provider’s stock after selling 6,322 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Paychex were worth $2,630,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Mutual Advisors LLC bought a new position in shares of Paychex in the 4th quarter worth $281,000. Raymond James & Associates grew its holdings in shares of Paychex by 6.8% in the fourth quarter. Raymond James & Associates now owns 812,585 shares of the business services provider’s stock valued at $96,787,000 after acquiring an additional 52,076 shares in the last quarter. CVA Family Office LLC purchased a new position in Paychex in the fourth quarter worth $151,000. Pacer Advisors Inc. increased its position in shares of Paychex by 14.4% during the 4th quarter. Pacer Advisors Inc. now owns 48,793 shares of the business services provider’s stock valued at $5,812,000 after purchasing an additional 6,148 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new position in shares of Paychex in the 4th quarter worth about $318,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director David J. S. Flaschen sold 19,709 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares in the company, valued at approximately $670,452.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. Insiders sold a total of 142,823 shares of company stock valued at $16,977,648 over the last quarter. 11.50% of the stock is owned by corporate insiders.

Paychex Price Performance

Shares of NASDAQ PAYX traded up $1.77 during midday trading on Friday, hitting $125.75. 1,371,622 shares of the company’s stock were exchanged, compared to its average volume of 1,861,178. The business’s fifty day moving average price is $121.91 and its two-hundred day moving average price is $121.76. The company has a market cap of $45.29 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 3.26 and a beta of 1.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.70.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company posted $0.97 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 28th. Investors of record on Thursday, August 8th will be given a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a yield of 3.12%. Paychex’s payout ratio is 83.94%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PAYX. TD Cowen decreased their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Bank of America lifted their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. Barclays reduced their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a report on Monday, July 1st. Morgan Stanley lowered their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Finally, Wedbush reaffirmed a “neutral” rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and an average target price of $122.46.

Paychex Profile

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.