Terra Nova Asset Management LLC Sells 306 Shares of Paychex, Inc. (NASDAQ:PAYX)

Terra Nova Asset Management LLC cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.6% during the fourth quarter, HoldingsChannel reports. The firm owned 4,307 shares of the business services provider’s stock after selling 306 shares during the period. Terra Nova Asset Management LLC’s holdings in Paychex were worth $513,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. BKM Wealth Management LLC acquired a new stake in Paychex in the 4th quarter worth $1,229,000. Nordea Investment Management AB grew its position in Paychex by 218.8% during the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after buying an additional 466,890 shares in the last quarter. NBC Securities Inc. bought a new position in Paychex during the third quarter valued at about $3,311,000. Comerica Bank acquired a new position in Paychex in the 2nd quarter valued at approximately $8,123,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $5,940,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PAYX shares. Stifel Nicolaus raised their target price on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research report on Friday, December 22nd. TD Cowen reissued a “market perform” rating and set a $123.00 price objective (down from $132.00) on shares of Paychex in a report on Friday, December 22nd. JPMorgan Chase & Co. lowered their target price on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a report on Friday, December 22nd. Evercore ISI restated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a research report on Tuesday. Finally, Barclays dropped their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $122.77.

Insider Activity

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.50% of the company’s stock.

Paychex Price Performance

NASDAQ PAYX opened at $122.80 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The business has a 50 day simple moving average of $121.95 and a 200 day simple moving average of $119.51. The stock has a market cap of $44.19 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 3.29 and a beta of 0.94.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were given a $0.89 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 annualized dividend and a yield of 2.90%. Paychex’s dividend payout ratio is currently 79.11%.

Paychex declared that its Board of Directors has approved a stock repurchase plan on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

About Paychex

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, 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.