Norden Group LLC increases stake in Paychex, Inc. (NASDAQ:PAYX)

Norden Group LLC raised its holdings in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 13.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,136 shares of the business services provider’s stock after acquiring an additional 258 shares during the quarter. Norden Group LLC’s holdings in Paychex were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PAYX. Capital International Investors boosted its holdings in Paychex by 12.8% in the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock worth $2,563,853,000 after purchasing an additional 2,373,894 shares in the last quarter. Capital World Investors boosted its position in shares of Paychex by 155.6% in the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock valued at $304,338,000 after acquiring an additional 1,508,681 shares during the period. Confluence Investment Management LLC purchased a new position in Paychex in the first quarter valued at about $146,617,000. TD Asset Management Inc raised its holdings in Paychex by 57.2% in the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock worth $267,695,000 after acquiring an additional 793,468 shares during the period. Finally, FIL Ltd grew its stake in Paychex by 32.4% in the 4th quarter. FIL Ltd now owns 2,548,000 shares of the business services provider’s stock worth $303,492,000 after buying an additional 623,000 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s shares.

Paychex Price Performance

Shares of PAYX stock opened at $132.22 on Tuesday. The firm has a market cap of $47.56 billion, a P/E ratio of 28.31, a P/E/G ratio of 3.42 and a beta of 1.00. The company’s fifty-day moving average is $125.05, and its 200-day moving average is $123.11. Paychex, Inc. it has a 52-week low of $106.27 and a 52-week high of $133.12. 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 (NASDAQ:PAYX – Get Your Free Report ) last announced its quarterly earnings data 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 firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. In the same period last year, the company earned $0.97 per share. Research analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were issued a $0.98 dividend. This represents an annualized dividend of $3.92 and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, August 8. Paychex’s dividend payout ratio is 83.94%.

Insider transactions at Paychex

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the 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 owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director David JS Flaschen sold 9,615 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at $676,104.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction that occurred 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 transaction, 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. Over the last 90 days, insiders have sold 147,163 shares of company stock worth $17,537,817. Insiders own 11.50% of the company’s shares.

Changes in Analyst Ratings

A number of research analysts have recently commented on PAYX shares. Bank of America boosted their price target on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Morgan Stanley cut their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. Barclays cut their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Monday, July 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex 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 on the stock in a research report on Thursday, 27 June. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $122.62.

Check out our latest report on PAYX

Paychex Company Profile

(Free report)

Paychex, Inc, together with its subsidiaries, provides integrated human capital management (HCM) solutions for payroll, benefits, human resources (HR) and insurance services to small and medium-sized businesses in the United States, Europe and India. Provides payroll processing services; payroll tax administration services; payment services for employees; and regulatory compliance services such as new hire reporting and garnishment processing.

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