Troy Asset Management Ltd Has $122.87 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Troy Asset Management Ltd cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 13.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 915,630 shares of the business services provider's stock after selling 147,139 shares during the period. Paychex makes up approximately 4.0% of Troy Asset Management Ltd's investment portfolio, making the stock its 7th largest holding. Troy Asset Management Ltd owned 0.25% of Paychex worth $122,868,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norden Group LLC acquired a new stake in shares of Paychex during the first quarter worth $231,000. KCM Investment Advisors LLC boosted its position in Paychex by 3.2% during the 1st 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 during the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Paychex by 4.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 26,972 shares of the business services provider's stock worth $3,312,000 after acquiring an additional 1,055 shares in the last quarter. Chilton Capital Management LLC acquired a new stake in shares of Paychex in the first quarter valued at approximately $31,000. Finally, Sei Investments Co. raised its holdings in shares of 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 during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. UBS Group lifted their target price on Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on Paychex from $120.00 to $128.00 and gave the stock an "underweight" rating in a report on Tuesday, August 20th. Barclays raised their price target on Paychex from $118.00 to $132.00 and gave the company an "equal weight" rating in a research note on Monday, September 23rd. Finally, TD Cowen upped their price objective on Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a research note 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $130.77.

Paychex Stock Performance

PAYX traded up $2.01 on Friday, reaching $148.57. The company had a trading volume of 2,022,161 shares, compared to its average volume of 1,493,606. The stock has a market cap of $53.47 billion, a P/E ratio of 31.68, a P/E/G ratio of 4.08 and a beta of 0.99. 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, Inc. has a fifty-two week low of $113.70 and a fifty-two week high of $149.26. The company's fifty day moving average is $137.75 and its 200 day moving average is $128.30.

Paychex (NASDAQ:PAYX - Get Free Report) last posted 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 company 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 firm's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. As a group, analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

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

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. This 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 related news, VP Michael E. Gioja sold 14,731 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $2,020,197.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the 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 owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by company insiders.

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.