MML Investors Services LLC Grows Stock Position in Paychex, Inc. (NASDAQ:PAYX)

MML Investors Services LLC grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 329,080 shares of the business services provider's stock after acquiring an additional 20,064 shares during the quarter. MML Investors Services LLC owned 0.09% of Paychex worth $44,159,000 at the end of the most recent quarter.

Other large investors have 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 second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider's stock worth $26,000 after purchasing an additional 163 shares during the last quarter. ORG Partners LLC grew its holdings in shares of Paychex by 227.6% in the second 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 last quarter. Strategic Financial Concepts LLC bought a new position in shares of Paychex in the second quarter worth approximately $30,000. American National Bank boosted its holdings in Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider's stock valued at $34,000 after acquiring an additional 180 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its holdings in Paychex by 42.0% in the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider's stock valued at $34,000 after acquiring an additional 74 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Paychex

In other Paychex 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 value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares of the company's stock, valued at approximately $2,471,480.70. The trade was a 42.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the vice president now directly owns 14,515 shares of the company's stock, valued at approximately $2,018,020.45. This trade represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,174 shares of company stock valued at $7,577,231 in the last quarter. 11.40% of the stock is owned by insiders.

Paychex Stock Down 1.3 %

Shares of PAYX traded down $1.91 during trading hours on Monday, hitting $140.95. The company had a trading volume of 1,692,287 shares, compared to its average volume of 1,765,992. The firm has a fifty day moving average price of $142.58 and a 200-day moving average price of $131.57. 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 stock has a market capitalization of $50.73 billion, a price-to-earnings ratio of 30.05, a P/E/G ratio of 3.92 and a beta of 0.99. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 EPS. On average, equities research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were given a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, November 7th. Paychex's dividend payout ratio is presently 83.58%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PAYX. UBS Group lifted their price target on shares of Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price target on shares of Paychex from $130.00 to $141.00 and gave the company a "hold" 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 report on Wednesday, October 2nd. Citigroup lifted their price target on shares of Paychex from $125.00 to $145.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. Finally, Jefferies Financial Group lifted their price target on shares of Paychex from $120.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, October 2nd. Two research 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, the company presently has an average rating of "Hold" and an average target price of $131.62.

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.