First Horizon Advisors Inc. Sells 13,043 Shares of Paychex, Inc. (NASDAQ:PAYX)

First Horizon Advisors Inc. trimmed its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 46.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,313 shares of the business services provider's stock after selling 13,043 shares during the period. First Horizon Advisors Inc.'s holdings in Paychex were worth $2,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Golden State Equity Partners increased its stake in shares of Paychex by 0.9% during the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock valued at $1,176,000 after buying an additional 71 shares during the period. Palumbo Wealth Management LLC grew its holdings 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 in the last quarter. Ashton Thomas Securities LLC increased its position in Paychex by 2.5% during the 4th quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider's stock valued at $446,000 after purchasing an additional 78 shares during the period. Deseret Mutual Benefit Administrators raised its holdings in shares of Paychex by 7.6% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,148 shares of the business services provider's stock valued at $177,000 after purchasing an additional 81 shares in the last quarter. Finally, GeoWealth Management LLC lifted its position in shares of Paychex by 2.1% in the 4th quarter. GeoWealth Management LLC now owns 4,120 shares of the business services provider's stock worth $578,000 after purchasing an additional 84 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

NASDAQ:PAYX opened at $147.02 on Friday. Paychex, Inc. has a one year low of $115.40 and a one year high of $161.24. The stock has a market cap of $52.96 billion, a PE ratio of 32.17, a P/E/G ratio of 3.27 and a beta of 0.88. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.39 and a current ratio of 1.28. The stock has a 50 day moving average price of $152.03 and a 200 day moving average price of $147.91.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. The company had revenue of $1.43 billion for 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 previous year, the business posted $1.12 EPS. Equities research analysts expect that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 12th were given a dividend of $1.08 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.94%. This is a positive change from Paychex's previous quarterly dividend of $0.98. Paychex's dividend payout ratio is currently 90.00%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PAYX. JPMorgan Chase & Co. lifted their price target on Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a report on Wednesday, June 18th. Cfra Research upgraded Paychex to a "hold" rating in a research note on Thursday, March 27th. UBS Group reduced their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, June 26th. Morgan Stanley lowered their price target on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a report on Friday, June 27th. Finally, Citigroup set a $158.00 price objective on shares of Paychex and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $149.11.

Insider Activity

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 shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the sale, the director directly owned 78,455 shares in the company, valued at approximately $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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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