Penserra Capital Management LLC Buys 4,649 Shares of Paychex, Inc. (NASDAQ:PAYX)

Penserra Capital Management LLC raised its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 200.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,970 shares of the business services provider's stock after purchasing an additional 4,649 shares during the period. Penserra Capital Management LLC's holdings in Paychex were worth $1,074,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Meeder Asset Management Inc. grew its holdings in shares of Paychex by 220.7% during the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after acquiring an additional 128 shares during the period. WealthTrak Capital Management LLC purchased a new position in shares of Paychex during the 4th quarter worth approximately $28,000. MorganRosel Wealth Management LLC purchased a new position in shares of Paychex during the 1st quarter worth approximately $34,000. Alpine Bank Wealth Management purchased a new position in shares of Paychex during the 1st quarter worth approximately $34,000. Finally, Tsfg LLC grew 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 worth $35,000 after acquiring an additional 126 shares during the period. Institutional investors own 83.47% of the company's stock.

Paychex Stock Performance

Shares of NASDAQ PAYX traded down $0.63 during midday trading on Thursday, hitting $145.31. 2,792,891 shares of the stock traded hands, compared to its average volume of 1,978,184. Paychex, Inc. has a one year low of $116.57 and a one year high of $161.24. The firm has a 50-day moving average of $152.08 and a two-hundred day moving average of $148.12. The firm has a market capitalization of $52.34 billion, a P/E ratio of 31.80, a PEG ratio of 3.34 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.

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, hitting analysts' consensus estimates of $1.19. Paychex had a return on equity of 45.01% and a net margin of 29.75%. The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the firm earned $1.12 EPS. On average, equities analysts forecast that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be given a dividend of $1.08 per share. The ex-dividend date is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.97%. Paychex's payout ratio is 94.53%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Stifel Nicolaus reduced their target price on Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a report on Thursday, June 26th. Cfra Research upgraded Paychex to a "hold" rating in a research note on Thursday, March 27th. UBS Group cut their price target on Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research note on Thursday, June 26th. Barclays set a $155.00 price target on Paychex and gave the stock an "equal weight" rating in a research note on Tuesday, June 24th. Finally, Citigroup set a $158.00 price target on 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 ten have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $150.20.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total transaction of $544,762.50. Following the completion of the transaction, the director owned 78,455 shares in the company, valued at $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 11.40% of the stock is currently owned by insiders.

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.