Core Alternative Capital Decreases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Core Alternative Capital lowered its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 20.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,537 shares of the business services provider's stock after selling 10,165 shares during the period. Paychex makes up approximately 1.5% of Core Alternative Capital's holdings, making the stock its 25th largest holding. Core Alternative Capital's holdings in Paychex were worth $6,100,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Meeder Asset Management Inc. grew its stake in shares of Paychex by 220.7% in the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after purchasing an additional 128 shares during the last quarter. WealthTrak Capital Management LLC bought a new stake in shares of Paychex in the fourth quarter worth about $28,000. Millstone Evans Group LLC bought a new stake in shares of Paychex in the fourth quarter worth about $33,000. Alpine Bank Wealth Management bought a new stake in shares of Paychex in the first quarter worth about $34,000. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of Paychex in the first quarter worth about $34,000. Hedge funds and other institutional investors own 83.47% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PAYX shares. Barclays set a $155.00 price objective on Paychex and gave the company an "equal weight" rating in a research report on Tuesday, June 24th. Citigroup set a $158.00 price objective on Paychex and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Jefferies Financial Group set a $140.00 price objective on Paychex and gave the company a "hold" rating in a research report on Thursday, June 26th. Cfra Research raised Paychex to a "hold" rating in a research report on Thursday, March 27th. Finally, JPMorgan Chase & Co. lifted 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. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $149.11.

Paychex Stock Down 0.5%

Shares of PAYX stock traded down $0.76 during trading hours on Tuesday, hitting $144.91. 3,500,021 shares of the company's stock traded hands, compared to its average volume of 1,973,636. The stock's fifty day simple moving average is $152.13 and its two-hundred day simple moving average is $148.15. Paychex, Inc. has a 12-month low of $115.40 and a 12-month high of $161.24. The stock has a market cap of $52.20 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 3.26 and a beta of 0.88. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10.

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 business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%. During the same period in the prior year, the firm posted $1.12 EPS. On average, analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, May 12th were given a $1.08 dividend. The ex-dividend date was Monday, May 12th. This is a boost from Paychex's previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a yield of 2.98%. Paychex's dividend payout ratio is 94.53%.

Insider Transactions at Paychex

In related news, Director Joseph M. Velli sold 3,650 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total value of $544,762.50. Following the transaction, the director directly owned 78,455 shares of the company's stock, valued at approximately $11,709,408.75. This represents a 4.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 11.40% of the company's stock.

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.