Penserra Capital Management LLC Has $1.07 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Penserra Capital Management LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 200.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,970 shares of the business services provider's stock after acquiring an additional 4,649 shares during the quarter. Penserra Capital Management LLC's holdings in Paychex were worth $1,074,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Paychex by 220.7% during the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after acquiring an additional 128 shares during the period. WealthTrak Capital Management LLC bought a new position in shares of Paychex during the fourth quarter valued at $28,000. MorganRosel Wealth Management LLC bought a new position in shares of Paychex during the first quarter valued at $34,000. Alpine Bank Wealth Management bought a new position in shares of Paychex during the first quarter valued at $34,000. Finally, Tsfg LLC lifted its holdings in shares of Paychex by 122.3% during the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock valued at $35,000 after acquiring an additional 126 shares during the period. 83.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of analyst reports. 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. JPMorgan Chase & Co. lifted their price target on Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a report on Wednesday, June 18th. Royal Bank Of Canada set a $165.00 price target on Paychex and gave the company a "sector perform" rating in a report on Tuesday, June 24th. Citigroup set a $158.00 price target on Paychex and gave the company a "neutral" rating in a report on Tuesday, June 24th. Finally, Cfra Research raised Paychex to a "hold" rating in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, Paychex currently has a consensus rating of "Hold" and an average price target of $150.20.

Insider Buying and Selling

In other news, Director Joseph M. Velli sold 3,650 shares of the business'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 directly owned 78,455 shares in the company, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.40% of the stock is currently owned by insiders.

Paychex Trading Down 1.4%

PAYX stock traded down $2.02 during midday trading on Friday, reaching $143.29. The stock had a trading volume of 1,903,317 shares, compared to its average volume of 1,977,886. The business has a fifty day simple moving average of $152.05 and a two-hundred day simple moving average of $148.16. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The firm has a market cap of $51.61 billion, a price-to-earnings ratio of 31.35, a PEG ratio of 3.34 and a beta of 0.88. Paychex, Inc. has a twelve month low of $116.57 and a twelve month high of $161.24.

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

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, July 21st will be given a $1.08 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a yield of 3.01%. Paychex's payout ratio is 94.53%.

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.