Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 42.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,317 shares of the business services provider's stock after acquiring an additional 9,681 shares during the period. Allspring Global Investments Holdings LLC's holdings in Paychex were worth $4,337,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PAYX. Vanguard Group Inc. grew its holdings in Paychex by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider's stock valued at $3,750,472,000 after purchasing an additional 123,268 shares in the last quarter. Capital International Investors grew its holdings in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider's stock valued at $2,563,853,000 after purchasing an additional 2,373,894 shares in the last quarter. Capital World Investors grew its holdings in Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider's stock valued at $304,338,000 after purchasing an additional 1,508,681 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Paychex by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider's stock valued at $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in Paychex by 57.2% during the 1st quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider's stock valued at $267,695,000 after purchasing an additional 793,468 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Insider Activity 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 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 directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 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 directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David J. S. Flaschen sold 14,434 shares of the business's stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the sale, the director now owns 5,383 shares in the company, 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. Insiders have sold a total of 68,608 shares of company stock worth $9,384,512 in the last ninety days. 11.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Citigroup raised their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a "neutral" rating in a report on Wednesday, September 25th. Morgan Stanley raised their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Stifel Nicolaus raised their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. raised their price objective on shares of Paychex from $120.00 to $128.00 and gave the stock an "underweight" rating in a report on Tuesday, August 20th. Finally, UBS Group raised their price objective on shares of Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $130.77.

Paychex Stock Performance

Shares of Paychex stock traded up $1.60 during trading hours on Tuesday, reaching $141.87. The company's stock had a trading volume of 2,044,498 shares, compared to its average volume of 1,788,892. The stock has a market cap of $51.06 billion, a P/E ratio of 29.91, a price-to-earnings-growth ratio of 3.86 and a beta of 1.00. The company's 50 day simple moving average is $135.28 and its 200 day simple moving average is $126.95. Paychex, Inc. has a one year low of $106.27 and a one year high of $144.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. Paychex's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. As a group, analysts expect that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.76%. Paychex's dividend payout ratio is presently 83.58%.

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.