Veery Capital LLC Purchases Shares of 1,543 Paychex, Inc. (NASDAQ:PAYX)

Veery Capital LLC purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,543 shares of the business services provider’s stock, valued at approximately $207,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Meeder Asset Management Inc. increased its holdings in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after buying an additional 163 shares during the last quarter. ORG Partners LLC grew its position in shares of Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 173 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of Paychex in the 2nd quarter valued at about $30,000. American National Bank increased its stake in shares of Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after purchasing an additional 180 shares during the last quarter. Finally, Fortitude Family Office LLC raised its holdings in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 74 shares during the period. Institutional investors own 83.47% of the company’s stock.

Insider Activity

In other news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. The trade was a 64.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by corporate insiders.

Paychex Stock Down 2.0 %

NASDAQ PAYX opened at $142.96 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $51.45 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 3.93 and a beta of 0.99. The company has a 50 day moving average of $139.30 and a 200-day moving average of $129.19. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $150.71.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the firm earned $1.14 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.74%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. UBS Group lifted their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Barclays lifted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. raised their price target on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Morgan Stanley lifted their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus increased their price objective on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $130.77.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.