State Street Corp reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,742,183 shares of the business services provider’s stock after selling 224,866 shares during the quarter. State Street Corp owned 3.82% of Paychex worth $1,096,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. RFG Advisory LLC lifted its holdings in Paychex by 7.2% in the third quarter. RFG Advisory LLC now owns 7,744 shares of the business services provider’s stock valued at $618,000 after acquiring an additional 522 shares during the period. Ethic Inc. purchased a new stake in Paychex in the second quarter worth about $511,000. Arden Trust Co increased its position in Paychex by 30.4% in the third quarter. Arden Trust Co now owns 3,931 shares of the business services provider’s stock worth $314,000 after buying an additional 916 shares in the last quarter. Covenant Multifamily Offices LLC purchased a new stake in Paychex in the second quarter worth about $204,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Paychex in the second quarter worth about $240,000. 69.85% of the stock is currently owned by hedge funds and other institutional investors.

PAYX has been the subject of a number of analyst reports. Argus upped their price target on Paychex from $83.00 to $92.00 in a research report on Thursday, October 15th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 2nd. Deutsche Bank Aktiengesellschaft increased their target price on Paychex from $75.00 to $81.00 and gave the stock a “hold” rating in a research report on Wednesday, October 7th. Morgan Stanley increased their target price on Paychex from $74.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 7th. Finally, BMO Capital Markets increased their target price on Paychex from $74.00 to $82.00 in a research report on Wednesday, October 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $75.92.

In other news, Director David J. S. Flaschen sold 12,156 shares of the firm’s stock in a transaction that occurred on Monday, November 16th. The stock was sold at an average price of $92.41, for a total value of $1,123,335.96. Also, insider Stephanie L. Schaeffer sold 63,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $81.94, for a total value of $5,162,220.00. Following the completion of the sale, the insider now directly owns 127,162 shares of the company’s stock, valued at $10,419,654.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 556,920 shares of company stock valued at $48,110,881. 11.70% of the stock is owned by corporate insiders.

Shares of Paychex stock opened at $90.64 on Friday. The stock has a 50 day moving average of $84.96 and a 200 day moving average of $76.42. Paychex, Inc. has a 12 month low of $47.87 and a 12 month high of $94.95. The firm has a market cap of $32.59 billion, a PE ratio of 31.26, a PEG ratio of 3.63 and a beta of 0.92. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.29.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Sunday, October 11th. The business services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. Paychex had a return on equity of 38.70% and a net margin of 26.26%. The company had revenue of $932.20 million during the quarter, compared to analyst estimates of $888.27 million. During the same period in the prior year, the company earned $0.71 earnings per share. The firm’s revenue was down 6.0% on a year-over-year basis. As a group, equities research analysts forecast that Paychex, Inc. will post 2.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, November 2nd will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, October 30th. Paychex’s payout ratio is presently 82.67%.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small- to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading: Technical Analysis

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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