Raleigh Capital Management Inc. increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1,753.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,654 shares of the business services provider's stock after purchasing an additional 5,349 shares during the quarter. Raleigh Capital Management Inc.'s holdings in Paychex were worth $759,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. grew its holdings in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider's stock worth $26,000 after acquiring an additional 163 shares during the period. ORG Partners LLC lifted its stake 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 valued at $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Paychex during the second quarter worth about $30,000. Chilton Capital Management LLC acquired a new position in Paychex during the first quarter worth about $31,000. Finally, ESL Trust Services LLC purchased a new position in Paychex in the first quarter valued at about $31,000. 83.47% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Paychex
In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex 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 sale, the chief financial officer now directly owns 17,362 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other Paychex news, VP Mark Anthony Bottini sold 8,954 shares of the firm's stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the transaction, the vice president now directly owns 79,232 shares of the company's stock, valued at $9,793,075.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 87,177 shares of company stock valued at $11,698,870. Corporate insiders own 11.50% of the company's stock.
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. Citigroup upped their target price on shares of Paychex from $125.00 to $145.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. UBS Group raised their target price on shares of Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. Royal Bank of Canada boosted their price target on Paychex from $130.00 to $148.00 and gave the company a "sector perform" rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price objective on Paychex from $130.00 to $141.00 and gave the company a "hold" rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group increased their target price on Paychex from $120.00 to $130.00 and gave the stock a "hold" rating in a research report 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.com, the company currently has a consensus rating of "Hold" and a consensus price target of $130.77.
Read Our Latest Analysis on Paychex
Paychex Stock Up 0.2 %
NASDAQ PAYX traded up $0.25 during trading hours on Tuesday, hitting $141.34. The company had a trading volume of 1,305,251 shares, compared to its average volume of 1,798,275. The firm's 50 day moving average is $133.71 and its 200 day moving average is $126.37. The company has a market capitalization of $50.88 billion, a price-to-earnings ratio of 30.21, a P/E/G ratio of 3.91 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $144.17. 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 - Get Free Report) last announced its 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 for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The company's revenue was up 2.5% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. Sell-side analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.
Paychex Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.77%. Paychex's dividend payout ratio (DPR) is presently 83.94%.
Paychex Profile
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Free Report)
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.
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