Raymond James Financial Inc. Has $190.83 Million Position in Paychex, Inc. $PAYX

Key Points

• Raymond James Financial Inc. has reduced its stake in Paychex, Inc. by 5.8%, ending the quarter with approximately $190.83 million in shares.
• Recently, Paychex announced a quarterly dividend of $1.08 per share, representing an annual yield of 3.1% and a payout ratio of 94.53%.
• Wall Street analysts hold a consensus rating of "Hold" for Paychex, with a target price of $150.70, reflecting a cautious outlook on the stock.

Raymond James Financial Inc. reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,236,934 shares of the business services provider's stock after selling 76,833 shares during the period. Raymond James Financial Inc. owned about 0.34% of Paychex worth $190,834,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PAYX. Alpine Bank Wealth Management bought a new position in Paychex in the first quarter valued at approximately $34,000. MorganRosel Wealth Management LLC acquired a new position in shares of Paychex during the 1st quarter worth approximately $34,000. Tsfg LLC increased its position 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 purchasing an additional 126 shares during the last quarter. Transce3nd LLC acquired a new position in shares of Paychex during the 4th quarter worth approximately $44,000. Finally, HWG Holdings LP acquired a new position in shares of Paychex during the 1st quarter worth approximately $46,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction that occurred 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 transaction, the chairman owned 446,917 shares in the company, valued at approximately $64,878,940.89. This trade represents a 17.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John B. Gibson sold 12,370 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 approximately $11,602,669.60. This trade represents a 13.14% decrease in their position. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by company insiders.

Paychex Price Performance

NASDAQ:PAYX opened at $138.25 on Monday. The firm 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. 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, Inc. has a 12-month low of $124.64 and a 12-month high of $161.24. The stock's 50 day moving average price is $145.29 and its two-hundred day moving average price is $148.11.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, hitting analysts' consensus estimates of $1.19. The company had revenue of $1.43 billion for 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 quarter last year, the company earned $1.12 earnings per share. On average, analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be paid 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 3.1%. Paychex's dividend payout ratio (DPR) is 94.53%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several recent analyst reports. UBS Group lowered their price target on Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, June 26th. Stifel Nicolaus lowered their price target on Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a research report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 price target on Paychex and gave the stock a "sector perform" rating in a research report on Tuesday, June 24th. Citigroup set a $158.00 price objective on Paychex and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group set a $140.00 price objective on Paychex and gave the company a "hold" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. According to MarketBeat, Paychex has a consensus rating of "Hold" and a consensus price target 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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