Troy Asset Management Ltd trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 13.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 915,630 shares of the business services provider's stock after selling 147,139 shares during the period. Paychex comprises about 4.0% of Troy Asset Management Ltd's portfolio, making the stock its 7th biggest position. Troy Asset Management Ltd owned 0.25% of Paychex worth $122,868,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. CVA Family Office LLC lifted its stake in Paychex by 5.6% during the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider's stock worth $186,000 after purchasing an additional 74 shares during the last quarter. Fortitude Family Office LLC boosted 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 buying an additional 74 shares in the last quarter. Kanawha Capital Management LLC grew its position in shares of Paychex by 1.8% in the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider's stock valued at $575,000 after buying an additional 75 shares during the last quarter. Daymark Wealth Partners LLC raised its stake in Paychex by 0.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider's stock worth $1,167,000 after acquiring an additional 82 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its position in Paychex by 1.2% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider's stock valued at $873,000 after acquiring an additional 85 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on PAYX. Stifel Nicolaus lifted their target price on Paychex from $130.00 to $141.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. Jefferies Financial Group boosted their price objective on Paychex from $120.00 to $130.00 and gave the company a "hold" rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. increased their price objective 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 target price on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Finally, TD Cowen increased their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Wednesday, October 2nd. Two research 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, Paychex presently has a consensus rating of "Hold" and an average target price of $130.77.
View Our Latest Stock Analysis on Paychex
Shares of NASDAQ:PAYX opened at $148.57 on Friday. Paychex, Inc. has a 52 week low of $113.70 and a 52 week high of $149.26. The company has a 50-day moving average price of $137.75 and a 200 day moving average price of $128.25. The company has a market cap of $53.47 billion, a P/E ratio of 31.68, a PEG ratio of 4.08 and a beta of 0.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.
Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS 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 business had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same period last year, the firm earned $1.14 EPS. The company's quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current year.
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 dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.64%. Paychex's payout ratio is currently 83.58%.
In related news, 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 owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the 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 transaction, the chief financial officer now directly owns 17,362 shares of the company's stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,174 shares of company stock valued at $7,577,231 in the last ninety days. 11.40% of the stock is currently owned by company insiders.
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.
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