Sumitomo Mitsui Trust Group Inc. Has $111.64 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Sumitomo Mitsui Trust Group Inc. lifted its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 831,967 shares of the business services provider's stock after acquiring an additional 12,178 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Paychex worth $111,642,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in shares of Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider's stock worth $26,000 after buying an additional 163 shares during the last quarter. ORG Partners LLC lifted its holdings in shares of Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider's stock worth $29,000 after purchasing an additional 173 shares during the last quarter. ESL Trust Services LLC bought a new position in Paychex during the 1st quarter worth $31,000. Fortitude Family Office LLC increased its holdings in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider's stock worth $34,000 after acquiring an additional 74 shares during the period. 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 valued at $34,000 after buying an additional 180 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PAYX has been the topic of a number of research analyst reports. Barclays raised their price target on Paychex from $118.00 to $132.00 and gave the company an "equal weight" rating in a report on Monday, September 23rd. Citigroup boosted their price target on shares of Paychex from $125.00 to $145.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. TD Cowen raised their price objective on shares of Paychex from $126.00 to $131.00 and gave the company a "hold" rating in a research note on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Paychex from $120.00 to $130.00 and gave the company a "hold" rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley upped their price objective on Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $130.77.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm's stock in a transaction that occurred on 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. 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 quarter, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is owned by insiders.

Paychex Trading Down 0.5 %

Shares of PAYX stock traded down $0.73 on Thursday, reaching $145.80. 604,635 shares of the stock were exchanged, compared to its average volume of 1,788,357. The stock has a 50 day moving average price of $138.71 and a 200 day moving average price of $128.85. The stock has a market cap of $52.47 billion, a PE ratio of 31.24, a P/E/G ratio of 4.07 and a beta of 0.99. Paychex, Inc. has a one year low of $114.72 and a one year 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.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (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 analyst estimates of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 EPS. Equities research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.69%. 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.