Franklin Resources Inc. Has $142.06 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Franklin Resources Inc. grew its position in Paychex, Inc. (NASDAQ:PAYX) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 997,930 shares of the business services provider’s stock after buying an additional 27,296 shares during the period. Franklin Resources Inc. owned approximately 0.28% of Paychex worth $142,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its holdings in shares of Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares during the period. ORG Partners LLC boosted its stake in Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after purchasing an additional 173 shares during the period. Fortitude Family Office LLC boosted its stake 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 period. Quest Partners LLC acquired a new position in Paychex in the 3rd quarter worth $36,000. Finally, American National Bank boosted its stake in Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after purchasing an additional 180 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Buying and Selling

In related news, CFO Robert L. Schrader sold 13,015 shares of the 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 sale, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 42.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,174 shares of company stock worth $7,577,231. Corporate insiders own 11.40% of the company’s stock.

Paychex Stock Down 0.1 %

Paychex stock opened at $140.98 on Monday. The stock has a market cap of $50.74 billion, a P/E ratio of 30.06, a P/E/G ratio of 3.88 and a beta of 0.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The company’s 50-day moving average price is $142.71 and its two-hundred day moving average price is $132.12.

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

Paychex Announces Dividend

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 dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.78%. Paychex’s dividend payout ratio is 83.58%.

Analysts Set New Price Targets

PAYX has been the subject of a number of research analyst reports. Jefferies Financial Group upped their target price on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Barclays increased their price objective on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Stifel Nicolaus increased their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley upped their target price on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $131.62.

Paychex Company Profile

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.