Paychex, Inc. (NASDAQ:PAYX) Stock Position Increased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 1.5% during the third quarter, Holdings Channel reports. The institutional investor owned 831,967 shares of the business services provider’s stock after buying an additional 12,178 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Paychex were worth $111,642,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Apollon Wealth Management LLC raised its stake in shares of Paychex by 5.7% in the 3rd quarter. Apollon Wealth Management LLC now owns 29,234 shares of the business services provider’s stock worth $3,923,000 after buying an additional 1,564 shares in the last quarter. WCM Investment Management LLC acquired a new position in shares of Paychex in the 3rd quarter worth $315,000. Nations Financial Group Inc. IA ADV grew its holdings in shares of Paychex by 8.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 19,520 shares of the business services provider’s stock worth $2,619,000 after acquiring an additional 1,462 shares during the last quarter. Versor Investments LP acquired a new position in shares of Paychex in the 3rd quarter worth $866,000. Finally, Ashton Thomas Securities LLC grew its holdings in shares of Paychex by 11.0% in the 3rd quarter. Ashton Thomas Securities LLC now owns 3,101 shares of the business services provider’s stock worth $416,000 after acquiring an additional 307 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was 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 directly owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,174 shares of company stock valued at $7,577,231. Insiders own 11.40% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $146.53 on Thursday. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The business has a 50-day moving average of $138.42 and a two-hundred day moving average of $128.72. The stock has a market capitalization of $52.74 billion, a P/E ratio of 31.24, a P/E/G ratio of 4.07 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.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results 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 return on equity of 45.97% and a net margin of 31.98%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.68%. Paychex’s dividend payout ratio is presently 83.58%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Morgan Stanley lifted their target price on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Barclays lifted their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Citigroup lifted their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. TD Cowen lifted their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Stifel Nicolaus lifted their price target on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $130.77.

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.