GC Wealth Management RIA LLC Buys New Position in Paychex, Inc. $PAYX

Key Points

• GC Wealth Management RIA LLC acquired a new position in Paychex, purchasing 6,436 shares for approximately $936,000 in the second quarter.
• Paychex recently paid a quarterly dividend of $1.08, which translates to an annualized dividend of $4.32 and a yield of 3.4%.
• Despite some analysts decreasing their price targets for Paychex, it maintains a consensus rating of "Reduce" with a target price of $145.91.

GC Wealth Management RIA LLC bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,436 shares of the business services provider's stock, valued at approximately $936,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alpine Bank Wealth Management bought a new position in Paychex in the first quarter valued at $34,000. MorganRosel Wealth Management LLC bought a new position in shares of Paychex during the 1st quarter valued at about $34,000. Quarry LP purchased a new position in shares of Paychex during the 1st quarter valued at about $34,000. Tsfg LLC raised its holdings in shares of Paychex by 122.3% during the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock valued at $35,000 after buying an additional 126 shares in the last quarter. Finally, Nova Wealth Management Inc. bought a new stake in Paychex in the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 83.47% of the company's stock.

Paychex Price Performance

PAYX stock opened at $128.53 on Tuesday. The stock has a market capitalization of $46.22 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 2.94 and a beta of 0.91. The firm's 50-day moving average price is $137.37 and its two-hundred day moving average price is $144.99. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.10. Paychex, Inc. has a 12-month low of $126.13 and a 12-month high of $161.24.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, July 21st were given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, July 21st. Paychex's dividend payout ratio (DPR) is currently 94.53%.

Wall Street Analyst Weigh In

PAYX has been the topic of several research reports. UBS Group decreased their price target on shares of Paychex from $148.00 to $140.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 17th. Barclays set a $155.00 target price on shares of Paychex and gave the stock an "equal weight" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada set a $165.00 price target on shares of Paychex and gave the company a "sector perform" rating in a research report on Tuesday, June 24th. 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. Finally, BMO Capital Markets dropped their target price on Paychex from $160.00 to $143.00 and set a "market perform" rating for the company in a report on Wednesday, September 24th. Ten analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $145.91.

Insider Activity at Paychex

In related news, CEO John B. Gibson sold 12,370 shares of the company's stock in a transaction that occurred 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 owned 81,755 shares in the company, valued at $11,602,669.60. This represents a 13.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Martin Mucci sold 97,526 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the transaction, the chairman directly owned 446,917 shares in the company, valued at approximately $64,878,940.89. The trade was a 17.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.

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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