North Star Investment Management Corp. Reduces Holdings in Paychex, Inc. (NASDAQ:PAYX)

North Star Investment Management Corp. reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 79,705 shares of the business services provider’s stock after selling 210 shares during the quarter. Paychex comprises about 0.7% of North Star Investment Management Corp.’s portfolio, making the stock its 22nd largest holding. North Star Investment Management Corp.’s holdings in Paychex were worth $10,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PAYX. Vanguard Group Inc. lifted its holdings in shares of Paychex by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock valued at $3,750,472,000 after buying an additional 123,268 shares during the period. Capital International Investors raised its position in Paychex by 12.8% during the first quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock valued at $2,563,853,000 after acquiring an additional 2,373,894 shares in the last quarter. Capital World Investors lifted its holdings in Paychex by 155.6% in the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock valued at $304,338,000 after acquiring an additional 1,508,681 shares during the period. Dimensional Fund Advisors LP boosted its position in Paychex by 19.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock worth $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Finally, TD Asset Management Inc grew its position in Paychex by 57.2% during the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider’s stock valued at $267,695,000 after buying an additional 793,468 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Paychex

In related 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 value of $1,852,685.25. Following the sale, the chief financial officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PAYX. TD Cowen upped their price target on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. UBS Group raised their price target on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada increased their target price on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a report on Wednesday, October 2nd. Citigroup boosted their price target on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and an average target price of $130.77.

Paychex Trading Up 0.3 %

Paychex stock traded up $0.38 during midday trading on Tuesday, hitting $140.06. 269,187 shares of the stock were exchanged, compared to its average volume of 1,772,886. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock’s 50-day simple moving average is $136.50 and its 200 day simple moving average is $127.64. Paychex, Inc. has a fifty-two week low of $109.98 and a fifty-two week high of $144.17. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 29.83, a PEG ratio of 3.82 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) 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 the consensus estimate of $1.31 billion. During the same quarter last year, the firm earned $1.14 EPS. The business’s revenue was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Announces Dividend

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 paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

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.