Fiduciary Wealth Partners LLC Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

Key Points

• Fiduciary Wealth Partners LLC has acquired a new position in Paychex, purchasing 2,814 shares valued at approximately $434,000, making it the firm's 20th largest position.
• Paychex declared a >quarterly dividend of $1.08 per share, which will be paid on August 29th, reflecting a 3.1% dividend yield.
• Analysts have given mixed ratings for Paychex, with one sell rating and ten hold ratings, while the average target price stands at $150.20.

Fiduciary Wealth Partners LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,814 shares of the business services provider's stock, valued at approximately $434,000. Paychex accounts for approximately 0.4% of Fiduciary Wealth Partners LLC's portfolio, making the stock its 20th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Alpine Bank Wealth Management bought a new position in Paychex in the first quarter valued at about $34,000. MorganRosel Wealth Management LLC bought a new position in Paychex in the 1st quarter valued at approximately $34,000. Tsfg LLC boosted its position in Paychex by 122.3% during the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after buying an additional 126 shares during the period. Transce3nd LLC bought a new stake in Paychex during the 4th quarter worth approximately $44,000. Finally, HWG Holdings LP acquired a new position in Paychex in the 1st quarter valued at approximately $46,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PAYX has been the subject of several research analyst reports. UBS Group decreased their price target on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research note 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 note on Thursday, June 26th. BMO Capital Markets began coverage on Paychex in a research note on Thursday, July 10th. They issued a "market perform" rating and a $160.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Paychex from $140.00 to $148.00 and gave the stock an "underweight" rating in a research report on Wednesday, June 18th. Finally, Morgan Stanley reduced their price target on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a research report on Friday, June 27th. One analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $150.20.

Insider Buying and Selling

In other news, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction that occurred 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 directly owned 446,917 shares in the company, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John B. Gibson sold 12,370 shares of Paychex stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $141.92, for a total value of $1,755,550.40. Following the sale, the chief executive officer owned 81,755 shares of the company's stock, valued at approximately $11,602,669.60. This trade represents 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 insiders.

Paychex Trading Up 0.1%

Shares of PAYX traded up $0.09 during trading hours on Monday, reaching $139.43. 2,389,403 shares of the company traded hands, compared to its average volume of 2,227,252. Paychex, Inc. has a 12 month low of $122.07 and a 12 month high of $161.24. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The company's fifty day moving average price is $149.17 and its two-hundred day moving average price is $148.65. The company has a market capitalization of $50.23 billion, a price-to-earnings 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 announced its quarterly earnings data on Wednesday, June 25th. The business services provider reported $1.19 EPS for the quarter, meeting the consensus estimate of $1.19. Paychex had a return on equity of 45.01% and a net margin of 29.75%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $1.12 earnings per share. Equities research analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

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

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.