Commonwealth Equity Services LLC Has $40.65 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

Key Points

• Commonwealth Equity Services LLC has increased its holdings in Paychex, Inc. by 0.7%, owning 263,492 shares valued at approximately $40.65 million.
• Analysts have revised their price targets for Paychex, with a consensus rating of "Hold" and a consensus price target of $150.20.
• Paychex recently declared a quarterly dividend of $1.08 per share, representing a yield of 3.1%, with a payout ratio of 94.53%.

Commonwealth Equity Services LLC boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 0.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 263,492 shares of the business services provider's stock after acquiring an additional 1,854 shares during the quarter. Commonwealth Equity Services LLC owned 0.07% of Paychex worth $40,652,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PAYX. Capital International Investors raised its stake in shares of Paychex by 0.6% in the 4th quarter. Capital International Investors now owns 26,905,031 shares of the business services provider's stock valued at $3,772,544,000 after acquiring an additional 166,155 shares in the last quarter. Northern Trust Corp raised its stake in shares of Paychex by 16.9% in the 4th quarter. Northern Trust Corp now owns 4,807,554 shares of the business services provider's stock valued at $674,115,000 after acquiring an additional 694,651 shares in the last quarter. Invesco Ltd. raised its stake in shares of Paychex by 5.3% in the 4th quarter. Invesco Ltd. now owns 4,104,626 shares of the business services provider's stock valued at $575,551,000 after acquiring an additional 208,130 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Paychex by 14.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,130,781 shares of the business services provider's stock valued at $438,998,000 after acquiring an additional 401,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Paychex by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,683,141 shares of the business services provider's stock valued at $376,226,000 after acquiring an additional 105,133 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. UBS Group dropped their price target on Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, June 26th. Jefferies Financial Group set a $140.00 price target on Paychex and gave the stock a "hold" rating in a research report on Thursday, June 26th. Citigroup set a $158.00 price target on Paychex and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada set a $165.00 price objective on Paychex and gave the stock a "sector perform" rating in a report on Tuesday, June 24th. 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 report on Friday, June 27th. One analyst has rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of "Hold" and a consensus price target of $150.20.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $139.43 on Tuesday. The stock has a 50 day moving average price of $148.84 and a 200 day moving average price of $148.60. Paychex, Inc. has a 52 week low of $122.07 and a 52 week high of $161.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a market capitalization of $50.23 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 3.19 and a beta of 0.91.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.19. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%. During the same quarter in the prior year, the company earned $1.12 earnings per share. Analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, July 21st will be given a dividend of $1.08 per share. 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 3.1%. Paychex's dividend payout ratio is currently 94.53%.

Insider Buying and Selling

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

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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