Paychex, Inc. (NASDAQ:PAYX) Stock Holdings Lifted by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Paychex, Inc. by 7.3% during the first quarter, owning 2.99% of the company worth approximately $1.66 billion.
• Paychex has declared a quarterly dividend of $1.08, yielding 3.1%, with a payout ratio of 94.53%.
• CEO John B. Gibson and Chairman Martin Mucci sold significant amounts of Paychex shares, decreasing their ownership by approximately 13.14% and 17.91% respectively.

Charles Schwab Investment Management Inc. increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,782,173 shares of the business services provider's stock after acquiring an additional 737,542 shares during the quarter. Charles Schwab Investment Management Inc. owned 2.99% of Paychex worth $1,663,474,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Summit Wealth Partners LLC lifted its position in shares of Paychex by 2.4% in the first 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. Golden State Equity Partners increased its stake in Paychex by 0.9% in the 1st 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 lifted its position in 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 buying an additional 74 shares in the last quarter. King Wealth Management Group boosted its stake in shares of Paychex by 4.7% during the 1st quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock valued at $257,000 after buying an additional 75 shares during the period. Finally, Asset Dedication LLC grew its holdings in shares of Paychex by 12.1% during the 1st quarter. Asset Dedication LLC now owns 711 shares of the business services provider's stock valued at $110,000 after acquiring an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Insider Activity at Paychex

In other 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 directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Martin Mucci sold 97,526 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was 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 owned 446,917 shares in the company, valued at approximately $64,878,940.89. The trade was a 17.91% decrease in their position. The disclosure for this sale can be found here. Insiders own 11.40% of the company's stock.

Paychex Trading Down 0.1%

Shares of PAYX stock opened at $139.08 on Thursday. Paychex, Inc. has a 12 month low of $122.07 and a 12 month high of $161.24. The company has a market cap of $50.10 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 3.19 and a beta of 0.91. 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 business's 50 day moving average is $148.09 and its two-hundred day moving average is $148.47.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. The business 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 prior year, the firm earned $1.12 EPS. Equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The firm also recently declared 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%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PAYX. Stifel Nicolaus cut their price objective on Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a report on Thursday, June 26th. BMO Capital Markets initiated coverage on Paychex in a research note on Thursday, July 10th. They set a "market perform" rating and a $160.00 price target for the company. Royal Bank Of Canada set a $165.00 price target on Paychex and gave the company a "sector perform" rating in a research note on Tuesday, June 24th. Citigroup set a $158.00 price objective on shares of Paychex and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Finally, UBS Group decreased their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $150.20.

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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