Costello Asset Management INC Sells 6,910 Shares of Paychex, Inc. (NASDAQ:PAYX)

Costello Asset Management INC decreased its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 24.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,500 shares of the business services provider's stock after selling 6,910 shares during the period. Paychex comprises about 1.9% of Costello Asset Management INC's investment portfolio, making the stock its 19th biggest holding. Costello Asset Management INC's holdings in Paychex were worth $2,885,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PAYX. Norden Group LLC purchased a new position in Paychex during the first quarter valued at approximately $231,000. KCM Investment Advisors LLC raised its holdings in shares of Paychex by 3.2% during the first quarter. KCM Investment Advisors LLC now owns 3,190 shares of the business services provider's stock worth $392,000 after acquiring an additional 98 shares in the last quarter. Concurrent Investment Advisors LLC boosted its position in Paychex by 4.1% during the first quarter. Concurrent Investment Advisors LLC now owns 26,972 shares of the business services provider's stock valued at $3,312,000 after purchasing an additional 1,055 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in Paychex during the first quarter valued at $31,000. Finally, Sei Investments Co. grew its stake in Paychex by 5.8% in the first quarter. Sei Investments Co. now owns 110,113 shares of the business services provider's stock valued at $13,522,000 after purchasing an additional 6,033 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Paychex Price Performance

Shares of PAYX stock traded up $2.01 during mid-day trading on Friday, reaching $148.57. The company's stock had a trading volume of 2,022,161 shares, compared to its average volume of 1,493,606. 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 firm's 50-day moving average is $137.75 and its two-hundred day moving average is $128.30. Paychex, Inc. has a 1-year low of $113.70 and a 1-year high of $149.26. The company has a market cap of $53.47 billion, a P/E ratio of 31.68, a PEG ratio of 4.08 and a beta of 0.99.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 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 firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter last year, the company earned $1.14 earnings per share. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. On average, research analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, November 7th. Paychex's dividend payout ratio (DPR) is 83.58%.

Insiders Place Their Bets

In related news, VP Michael E. Gioja sold 26,428 shares of Paychex 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 completion of the transaction, the vice president now directly owns 14,515 shares of the company's stock, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Paychex news, VP Michael E. Gioja sold 14,731 shares of Paychex stock in a transaction on Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at approximately $2,020,197.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction on 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 sale, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,174 shares of company stock worth $7,577,231 over the last three months. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on PAYX shares. Royal Bank of Canada boosted their target price on shares of Paychex from $130.00 to $148.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 2nd. Barclays boosted their target price on Paychex from $118.00 to $132.00 and gave the stock an "equal weight" rating in a report on Monday, September 23rd. Morgan Stanley increased their price target on Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. TD Cowen lifted their price target on shares of Paychex from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus raised their target price on shares of Paychex from $130.00 to $141.00 and gave the company a "hold" rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat, Paychex has a consensus rating of "Hold" and a consensus target price of $130.77.

Paychex 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.