Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,156 shares of the business services provider’s stock after acquiring an additional 491 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Paychex were worth $826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PAYX. Meeder Asset Management Inc. lifted its holdings in Paychex by 286.0% in the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the period. ORG Partners LLC raised its position in shares of Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Paychex in the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC bought a new position in shares of Paychex in the first quarter valued at approximately $31,000. Finally, ESL Trust Services LLC acquired a new position in shares of Paychex during the first quarter valued at approximately $31,000. Institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,174 shares of company stock worth $7,577,231. Corporate insiders own 11.40% of the company’s stock.

Paychex Stock Performance

Shares of Paychex stock opened at $148.59 on Thursday. Paychex, Inc. has a 12 month low of $110.82 and a 12 month high of $149.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market cap of $53.48 billion, a PE ratio of 31.68, a price-to-earnings-growth ratio of 3.84 and a beta of 0.99. The business has a fifty day simple moving average of $137.06 and a 200-day simple moving average of $127.93.

Paychex (NASDAQ:PAYX) last released its earnings results 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. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.14 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.64%. Paychex’s payout ratio is 83.58%.

Analyst Ratings Changes

A number of brokerages have issued reports on PAYX. Royal Bank of Canada increased their price target on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Citigroup raised their target price on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price target on shares of Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Stifel Nicolaus boosted their target price on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Finally, Barclays raised their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock 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.