Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Nations Financial Group Inc. IA ADV

Key Points

• Nations Financial Group Inc. IA ADV reduced its holdings in Paychex by 18.5%, owning 16,168 shares worth approximately $2.49 million after selling 3,676 shares in the first quarter.
• Insider selling occurred as CEO John B. Gibson sold 12,370 shares, and Chairman Martin Mucci sold 97,526 shares, reflecting significant decreases in their positions.
• Paychex recently announced a quarterly dividend of $1.08 per share, translating to an annualized yield of 3.1%, with a payout ratio of 94.53%.

Nations Financial Group Inc. IA ADV trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 18.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,168 shares of the business services provider's stock after selling 3,676 shares during the period. Nations Financial Group Inc. IA ADV's holdings in Paychex were worth $2,494,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Summit Wealth Partners LLC boosted its stake in Paychex by 2.4% in the 1st quarter. Summit Wealth Partners LLC now owns 3,027 shares of the business services provider's stock worth $467,000 after buying an additional 70 shares during the last quarter. LGT Group Foundation raised its holdings in shares of Paychex by 2.8% in the 1st quarter. LGT Group Foundation now owns 2,528 shares of the business services provider's stock worth $390,000 after purchasing an additional 70 shares during the period. Golden State Equity Partners raised its holdings in shares of Paychex by 0.9% in the 1st quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock worth $1,176,000 after purchasing an additional 71 shares during the period. Palumbo Wealth Management LLC raised its holdings in shares of Paychex by 2.4% in the 1st quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock worth $492,000 after purchasing an additional 74 shares during the period. Finally, King Wealth Management Group raised its holdings in shares of Paychex by 4.7% in the 1st quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock worth $257,000 after purchasing an additional 75 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Paychex news, CEO John B. Gibson sold 12,370 shares of the firm'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 sale, the chief executive officer owned 81,755 shares in the company, valued at $11,602,669.60. This trade represents a 13.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Martin Mucci sold 97,526 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were 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 disclosure for this sale can be found here. 11.40% of the stock is owned by company insiders.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $138.25 on Friday. The company has a market cap of $49.80 billion, a P/E ratio of 30.25, a PEG ratio of 3.15 and a beta of 0.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28. Paychex, Inc. has a one year low of $124.64 and a one year high of $161.24. The business's 50-day simple moving average is $145.29 and its 200 day simple moving average is $148.10.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $1.19 EPS for the quarter, meeting the consensus estimate of $1.19. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%. During the same period last year, the business posted $1.12 EPS. On average, sell-side analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, July 21st. Paychex's dividend payout ratio (DPR) is 94.53%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Citigroup set a $158.00 price objective on Paychex and gave the stock a "neutral" rating in a report on Tuesday, June 24th. UBS Group cut their price objective on Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, June 26th. Barclays set a $155.00 price objective on Paychex and gave the stock an "equal weight" rating in a report on Tuesday, June 24th. Jefferies Financial Group set a $140.00 price objective on Paychex and gave the stock a "hold" rating in a report on Thursday, June 26th. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $148.00 to $153.00 and gave the stock an "underweight" rating in a report on Thursday. One research analyst has rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $150.70.

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.

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