CIBC Asset Management Inc Increases Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

CIBC Asset Management Inc raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 18.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,953 shares of the business services provider's stock after purchasing an additional 20,361 shares during the quarter. CIBC Asset Management Inc's holdings in Paychex were worth $17,573,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Meeder Asset Management Inc. raised its stake 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 lifted its stake in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider's stock valued at $29,000 after acquiring an additional 173 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Paychex in the 2nd quarter valued at $30,000. ESL Trust Services LLC acquired a new stake in shares of Paychex in the first quarter worth $31,000. Finally, American National Bank raised its holdings in shares of Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider's stock worth $34,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Wall Street Analyst Weigh In

PAYX has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on shares of Paychex from $120.00 to $128.00 and gave the company an "underweight" rating in a report on Tuesday, August 20th. Barclays raised their target price on Paychex from $118.00 to $132.00 and gave the stock an "equal weight" rating in a report on Monday, September 23rd. 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. 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 research note on Wednesday, October 2nd. Finally, Morgan Stanley boosted their target price on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $130.77.

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of Paychex 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 transaction, the chief financial officer now directly owns 17,362 shares of the company's stock, valued at $2,471,480.70. The trade was a 42.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company's stock, valued at approximately $2,020,197.70. This trade represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is currently owned by insiders.

Paychex Price Performance

NASDAQ PAYX traded down $2.88 during mid-day trading on Friday, hitting $142.96. The stock had a trading volume of 1,631,158 shares, compared to its average volume of 1,791,675. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50 day moving average is $139.30 and its 200 day moving average is $129.12. The stock has a market capitalization of $51.45 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 4.03 and a beta of 0.99.

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 for the quarter, topping the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the firm posted $1.14 earnings per share. The company's revenue for the quarter was up 2.5% on a year-over-year basis. Equities research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business 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 $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. Paychex's dividend payout ratio (DPR) 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.