1832 Asset Management L.P. Raises Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

1832 Asset Management L.P. raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,373 shares of the business services provider’s stock after purchasing an additional 3,797 shares during the quarter. 1832 Asset Management L.P.’s holdings in Paychex were worth $2,993,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Ethos Financial Group LLC raised its position in Paychex by 4.6% during the fourth quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock valued at $232,000 after acquiring an additional 85 shares in the last quarter. Griffin Asset Management Inc. increased its holdings in shares of Paychex by 0.5% during the 4th quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock valued at $2,171,000 after purchasing an additional 88 shares in the last quarter. Aaron Wealth Advisors LLC lifted its stake in shares of Paychex by 5.1% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock valued at $227,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Paychex by 3.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider’s stock worth $312,000 after buying an additional 92 shares in the last quarter. Finally, Rogco LP grew its position in Paychex by 1.1% during the fourth quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock valued at $1,009,000 after buying an additional 93 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the sale, the chairman now owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction that occurred on 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 completion of the sale, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $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 in the last 90 days. Company insiders own 11.50% of the company’s stock.

Paychex Price Performance

Shares of Paychex stock traded up $1.77 on Friday, hitting $125.75. 1,371,622 shares of the company were exchanged, compared to its average volume of 2,067,192. 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 company has a 50-day moving average price of $121.91 and a 200 day moving average price of $121.82. The stock has a market capitalization of $45.27 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 3.28 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.70.

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

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th will be issued a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a yield of 3.12%. Paychex’s payout ratio is 83.94%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PAYX shares. Bank of America upped their price objective on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Wedbush reissued a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. TD Cowen cut their price objective on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Morgan Stanley decreased their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 27th. Finally, Robert W. Baird reduced their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $122.46.

Paychex Company 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.