PFG Advisors Buys 6,663 Shares of Paychex, Inc. (NASDAQ:PAYX)

PFG Advisors lifted its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 24.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,726 shares of the business services provider's stock after acquiring an additional 6,663 shares during the period. PFG Advisors' holdings in Paychex were worth $5,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Equity Partners boosted its holdings 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 purchasing an additional 71 shares during the period. Palumbo Wealth Management LLC boosted its stake in Paychex by 2.4% during the 1st quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock worth $492,000 after acquiring an additional 74 shares during the last quarter. Asset Dedication LLC lifted its stake in Paychex by 12.1% in the first quarter. Asset Dedication LLC now owns 711 shares of the business services provider's stock valued at $110,000 after buying an additional 77 shares in the last quarter. Ashton Thomas Securities LLC lifted its position in shares of Paychex by 2.5% in the fourth quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider's stock worth $446,000 after purchasing an additional 78 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators increased its holdings in shares of Paychex by 7.6% in the first quarter. Deseret Mutual Benefit Administrators now owns 1,148 shares of the business services provider's stock valued at $177,000 after purchasing an additional 81 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO John B. Gibson sold 12,370 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total value of $1,755,550.40. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $145.17, for a total value of $14,157,849.42. Following the completion of the transaction, the chairman owned 446,917 shares in the company, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley lowered their target price on Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Friday, June 27th. Citigroup set a $158.00 price objective on shares of Paychex and gave the company a "neutral" rating in a report on Tuesday, June 24th. JPMorgan Chase & Co. increased their price target on shares of Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a research report on Wednesday, June 18th. Cfra Research raised Paychex to a "hold" rating in a research note on Thursday, March 27th. Finally, Barclays set a $155.00 price target on Paychex and gave the company an "equal weight" rating in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat.com, Paychex has an average rating of "Hold" and an average target price of $150.20.

Paychex Price Performance

PAYX stock opened at $142.66 on Tuesday. The stock has a market capitalization of $51.39 billion, a price-to-earnings ratio of 31.22, a price-to-earnings-growth ratio of 3.29 and a beta of 0.88. Paychex, Inc. has a 52-week low of $121.33 and a 52-week high of $161.24. The stock's fifty day simple moving average is $151.17 and its 200-day simple moving average is $148.35. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.10.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the firm earned $1.12 EPS. Equities research analysts expect that Paychex, Inc. will post 4.99 EPS for the current 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 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 3.03%. Paychex's payout ratio is presently 94.53%.

Paychex Company 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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