4,259 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Virtu Financial LLC

Key Points

• Virtu Financial LLC purchased 4,259 shares of Paychex, Inc. in the first quarter, valued at approximately $657,000, indicating strong institutional interest in the stock.
• Insider sales include Chairman Martin Mucci selling 97,526 shares and CEO John B. Gibson selling 12,370 shares, marking decreases in their ownership by 17.91% and 13.14%, respectively.
• Paychex has announced a quarterly dividend of $1.08, representing a yield of 3.2%, with a high dividend payout ratio of 94.53%.

Virtu Financial LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,259 shares of the business services provider's stock, valued at approximately $657,000.

A number of other institutional investors have also added to or reduced their stakes in PAYX. Summit Wealth Partners LLC boosted its holdings in Paychex by 2.4% during the first quarter. Summit Wealth Partners LLC now owns 3,027 shares of the business services provider's stock valued at $467,000 after purchasing an additional 70 shares in the last quarter. Golden State Equity Partners grew its position in Paychex by 0.9% during the 1st quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock worth $1,176,000 after acquiring an additional 71 shares during the last quarter. Palumbo Wealth Management LLC grew its position in Paychex by 2.4% during the 1st quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock worth $492,000 after acquiring an additional 74 shares during the last quarter. King Wealth Management Group grew its position in Paychex by 4.7% during the 1st quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock worth $257,000 after acquiring an additional 75 shares during the last quarter. Finally, Asset Dedication LLC grew its position in Paychex by 12.1% during the 1st quarter. Asset Dedication LLC now owns 711 shares of the business services provider's stock worth $110,000 after acquiring an additional 77 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Martin Mucci sold 97,526 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total value of $14,157,849.42. Following the completion of the transaction, the chairman directly owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John B. Gibson sold 12,370 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $141.92, for a total transaction of $1,755,550.40. Following the completion of the transaction, the chief executive officer directly owned 81,755 shares of the company's stock, valued at approximately $11,602,669.60. The trade was a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.

Paychex Price Performance

PAYX opened at $134.99 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. Paychex, Inc. has a 12 month low of $123.35 and a 12 month high of $161.24. The company has a fifty day simple moving average of $146.58 and a 200 day simple moving average of $148.30. The stock has a market cap of $48.63 billion, a P/E ratio of 29.54, a P/E/G ratio of 3.17 and a beta of 0.91.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, hitting analysts' consensus estimates of $1.19. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period in the prior year, the business earned $1.12 EPS. On average, research analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, July 21st will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a yield of 3.2%. Paychex's dividend payout ratio is presently 94.53%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PAYX shares. BMO Capital Markets started coverage on Paychex in a research report on Thursday, July 10th. They set a "market perform" rating and a $160.00 price target on the stock. Stifel Nicolaus decreased their price objective on Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a research report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 price objective on Paychex and gave the company a "sector perform" rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. increased their price objective on Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a research report on Wednesday, June 18th. Finally, Morgan Stanley decreased their price objective on Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat.com, Paychex currently has an average rating of "Hold" and a consensus target price of $150.20.

Paychex Company 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.

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