Paychex, Inc. (NASDAQ:PAYX) Position Lessened by Syntax Research Inc.

Syntax Research Inc. lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 14.6% in the third quarter, HoldingsChannel reports. The firm owned 1,826 shares of the business services provider’s stock after selling 312 shares during the quarter. Syntax Research Inc.’s holdings in Paychex were worth $245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its holdings in shares of Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 163 shares during the period. Strategic Financial Concepts LLC bought a new stake in Paychex in the 2nd quarter valued at about $30,000. American National Bank boosted its stake in Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares during the period. Fortitude Family Office LLC grew its position in 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 purchasing an additional 74 shares during the last quarter. Finally, Quarry LP increased its stake in shares of Paychex by 152.6% in the second quarter. Quarry LP now owns 293 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 177 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Paychex Stock Down 0.7 %

Shares of NASDAQ:PAYX opened at $140.28 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $50.49 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $150.71. The firm has a 50 day simple moving average of $142.82 and a 200 day simple moving average of $132.43.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.14 EPS. As a group, research analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 7th were given a $0.98 dividend. The ex-dividend date was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.79%. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PAYX shares. Morgan Stanley boosted their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Barclays raised 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 objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Finally, Stifel Nicolaus increased their target price on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, Paychex currently has an average rating of “Hold” and an average price target of $131.62.

Insider Activity at Paychex

In other Paychex 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 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. The trade was a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 42.84 % 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 worth $7,577,231. 11.40% of the stock is owned by corporate insiders.

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.