Paychex, Inc. (NASDAQ:PAYX) Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has decreased its stake in Paychex, Inc. by 7.1%, now holding 107,580 shares valued at approximately $16.6 million.
• Paychex recently declared a quarterly dividend of $1.08 per share, reflecting an annualized dividend yield of 3.1%.
• Insider activity includes Chairman Martin Mucci selling 97,526 shares for approximately $14.16 million, reducing his ownership by 17.91%.

State of New Jersey Common Pension Fund D reduced its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 107,580 shares of the business services provider's stock after selling 8,226 shares during the period. State of New Jersey Common Pension Fund D's holdings in Paychex were worth $16,597,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Summit Wealth Partners LLC raised its holdings in shares of 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 purchasing an additional 70 shares in the last quarter. LGT Group Foundation raised its holdings in shares of Paychex by 2.8% during the first quarter. LGT Group Foundation now owns 2,528 shares of the business services provider's stock valued at $390,000 after acquiring an additional 70 shares during the period. Golden State Equity Partners raised its holdings 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 acquiring an additional 71 shares during the period. Palumbo Wealth Management LLC raised its holdings in shares of Paychex by 2.4% during the first quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock valued at $492,000 after acquiring an additional 74 shares during the period. Finally, King Wealth Management Group raised its holdings in shares of Paychex by 4.7% during the first quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock valued at $257,000 after acquiring an additional 75 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Paychex

In related news, Chairman Martin Mucci sold 97,526 shares of the company'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 completion of the sale, the chairman directly owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John B. Gibson sold 12,370 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were 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. The trade was a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.40% of the company's stock.

Paychex Stock Performance

PAYX stock opened at $138.25 on Friday. 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 has a market capitalization of $49.80 billion, a price-to-earnings ratio of 30.25, a P/E/G ratio of 3.17 and a beta of 0.91. Paychex, Inc. has a 12 month low of $124.64 and a 12 month high of $161.24. The firm has a 50 day moving average of $145.29 and a two-hundred day moving average of $148.11.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $1.19 EPS for the quarter, hitting the consensus estimate of $1.19. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate 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 firm posted $1.12 earnings per share. As a group, equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, July 21st. Paychex's payout ratio is currently 94.53%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley cut 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. Barclays set a $155.00 price target on shares of Paychex and gave the company an "equal weight" rating in a report on Tuesday, June 24th. Jefferies Financial Group set a $140.00 price target on shares of Paychex and gave the company a "hold" rating in a report on Thursday, June 26th. Citigroup set a $158.00 price objective on shares of Paychex and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, BMO Capital Markets began coverage on shares of Paychex in a research note on Thursday, July 10th. They issued a "market perform" rating and a $160.00 price objective on the stock. One analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $150.70.

About Paychex

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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