iA Global Asset Management Inc. Acquires 19,149 Shares of Paychex, Inc. (NASDAQ:PAYX)

iA Global Asset Management Inc. lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 27.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,154 shares of the business services provider’s stock after acquiring an additional 19,149 shares during the period. iA Global Asset Management Inc.’s holdings in Paychex were worth $10,825,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Ethos Financial Group LLC lifted its stake in Paychex by 4.6% in the fourth quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after purchasing an additional 85 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in Paychex by 5.1% in the fourth quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after purchasing an additional 92 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Paychex by 3.8% in the first quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider’s stock worth $312,000 after purchasing an additional 92 shares during the last quarter. Rogco LP lifted its stake in Paychex by 1.1% in the fourth quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock worth $1,009,000 after purchasing an additional 93 shares during the last quarter. Finally, Dohj LLC lifted its stake in Paychex by 3.1% in the fourth quarter. Dohj LLC now owns 3,242 shares of the business services provider’s stock worth $386,000 after purchasing an additional 97 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 1.2 %

NASDAQ:PAYX traded down $1.53 during trading hours on Thursday, reaching $126.49. The company’s stock had a trading volume of 2,090,548 shares, compared to its average volume of 1,859,610. The stock has a 50 day moving average price of $121.99 and a two-hundred day moving average price of $122.00. The company has a market capitalization of $45.53 billion, a P/E ratio of 27.47, a price-to-earnings-growth ratio of 3.38 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37. Paychex, Inc. has a 12 month low of $106.27 and a 12 month high of $129.92.

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

Paychex Announces Dividend

The firm also recently declared 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. This represents a $3.92 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, August 8th. Paychex’s payout ratio is 83.94%.

Insider Buying and Selling at Paychex

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction 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 sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Paychex news, CEO John B. Gibson sold 12,670 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the sale, the chief executive officer now directly owns 55,745 shares of the company’s stock, valued at $6,663,199.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction 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 directly owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 152,438 shares of company stock valued at $18,185,292. 11.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley decreased their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. TD Cowen lowered their price target on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Bank of America boosted their price target on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Finally, Barclays lowered their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a report on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex currently has a consensus 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.