Hamlin Capital Management LLC Grows Stake in Paychex, Inc. (NASDAQ:PAYX)

Hamlin Capital Management LLC increased its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,153,530 shares of the business services provider's stock after purchasing an additional 97,867 shares during the period. Paychex accounts for 3.9% of Hamlin Capital Management LLC's holdings, making the stock its 15th biggest holding. Hamlin Capital Management LLC owned 0.32% of Paychex worth $154,792,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC increased its holdings in shares of Paychex by 5.6% in the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider's stock worth $186,000 after purchasing an additional 74 shares during the last quarter. Daymark Wealth Partners LLC increased its stake in Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider's stock worth $1,167,000 after acquiring an additional 82 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Paychex by 1.2% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider's stock worth $873,000 after acquiring an additional 85 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Paychex by 3.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider's stock valued at $312,000 after acquiring an additional 92 shares during the last quarter. Finally, KCM Investment Advisors LLC grew its holdings in shares of Paychex by 3.2% in the first quarter. KCM Investment Advisors LLC now owns 3,190 shares of the business services provider's stock valued at $392,000 after purchasing an additional 98 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research reports. Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a "neutral" rating in a research report on Wednesday, September 25th. Royal Bank of Canada increased their price target on shares of Paychex from $130.00 to $148.00 and gave the company a "sector perform" rating in a report on Wednesday, October 2nd. UBS Group boosted their price objective on Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Morgan Stanley raised their price objective on Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 2nd. Finally, TD Cowen lifted their target price on Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. Two equities research 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 a consensus target price of $130.77.

Paychex Trading Down 1.0 %

Shares of PAYX traded down $1.35 during trading hours on Friday, reaching $140.33. 1,237,610 shares of the company traded hands, compared to its average volume of 1,788,984. The firm has a market cap of $50.51 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 3.88 and a beta of 1.00. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $144.17. The stock's fifty day moving average price is $134.98 and its 200 day moving average price is $126.82. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.14 earnings per share. The company's quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Thursday, November 7th. Paychex's payout ratio is 83.94%.

Insider Activity

In related news, Director David J. S. Flaschen sold 14,434 shares of the company's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total value of $1,807,281.14. Following the completion of the sale, the director now directly owns 5,383 shares of the company's stock, valued at $674,005.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,020,197.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David J. S. Flaschen sold 14,434 shares of the company's stock in a transaction on Monday, August 5th. The stock was sold at an average price of $125.21, for a total value of $1,807,281.14. Following the sale, the director now owns 5,383 shares of the company's stock, valued at $674,005.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,608 shares of company stock worth $9,384,512. Company insiders own 11.50% of the company's stock.

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.