Capital Investment Services of America Inc. Buys Shares of 1,500 Paychex, Inc. (NASDAQ:PAYX)

Capital Investment Services of America Inc. purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,500 shares of the business services provider’s stock, valued at approximately $201,000.

A number of other large investors also recently modified their holdings of PAYX. CVA Family Office LLC lifted its stake in shares of Paychex by 5.6% in the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after acquiring an additional 74 shares during the period. Fortitude Family Office LLC raised its stake in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after buying an additional 74 shares in the last quarter. Kanawha Capital Management LLC lifted its holdings in shares of Paychex by 1.8% in the third quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock valued at $575,000 after buying an additional 75 shares during the period. Daymark Wealth Partners LLC grew its holdings in Paychex by 0.8% during the second quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock worth $1,167,000 after acquiring an additional 82 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its position in Paychex by 1.2% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock worth $873,000 after acquiring an additional 85 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Performance

PAYX traded up $0.47 on Monday, hitting $139.56. The company had a trading volume of 202,570 shares, compared to its average volume of 1,775,938. The stock has a market cap of $50.23 billion, a price-to-earnings ratio of 29.91, a price-to-earnings-growth ratio of 3.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company’s fifty day moving average price is $136.31 and its 200 day moving average price is $127.49. Paychex, Inc. has a 1-year low of $109.98 and a 1-year high of $144.17.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $1.14 earnings per share. Paychex’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 2nd. Barclays raised their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Jefferies Financial Group boosted their price target on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus upped their target price on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Finally, UBS Group lifted their price target on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $130.77.

Insider Transactions at Paychex

In related news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,174 shares of company stock worth $7,577,231. Company insiders own 11.40% of the company’s stock.

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.