DNB Asset Management AS Boosts Holdings in Paychex, Inc. (NASDAQ:PAYX)

DNB Asset Management AS raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,580 shares of the business services provider’s stock after buying an additional 4,001 shares during the quarter. DNB Asset Management AS’s holdings in Paychex were worth $7,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Chilton Capital Management LLC purchased a new stake in shares of Paychex during the 1st quarter worth about $31,000. ESL Trust Services LLC purchased a new stake in shares of Paychex during the 1st quarter worth about $31,000. Clear Investment Research LLC grew its holdings in shares of Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after purchasing an additional 110 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Paychex during the 4th quarter worth about $40,000. Finally, Tidemark LLC purchased a new position in Paychex in the 4th quarter worth approximately $40,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction 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 sale, the director now directly owns 5,383 shares of the company’s stock, valued at $670,452.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at $670,452.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John B. Gibson sold 12,670 shares of the firm’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 transaction, the chief executive officer now directly owns 55,745 shares in the company, valued at $6,663,199.85. The disclosure for this sale can be found here. Insiders have sold 166,872 shares of company stock valued at $19,992,573 over the last three months. Company insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on PAYX shares. Morgan Stanley decreased their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Robert W. Baird decreased their price target on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Barclays decreased 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. Finally, Bank of America upped their price target on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, Paychex has an average rating of “Hold” and an average price target of $122.46.

Paychex Stock Performance

Shares of PAYX stock traded up $0.52 on Tuesday, hitting $125.22. 1,545,496 shares of the stock traded hands, compared to its average volume of 1,864,017. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market capitalization of $45.07 billion, a PE ratio of 26.81, a PEG ratio of 3.35 and a beta of 1.00. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.92. The company’s fifty day moving average is $122.08 and its 200 day moving average is $122.14.

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

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Thursday, August 8th will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Thursday, August 8th. Paychex’s dividend payout ratio is presently 83.94%.

About Paychex

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.