Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 11.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,379 shares of the business services provider's stock after selling 6,175 shares during the period. Wellington Management Group LLP's holdings in Paychex were worth $6,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in 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 in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Paychex in the second quarter valued at about $30,000. American National Bank lifted its stake in Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider's stock worth $34,000 after acquiring an additional 180 shares during the period. Fortitude Family Office LLC grew its holdings in Paychex by 42.0% during 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 in the last quarter. Finally, Quarry LP increased its position in Paychex by 152.6% during the 2nd quarter. Quarry LP now owns 293 shares of the business services provider's stock valued at $35,000 after purchasing an additional 177 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on 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 approximately $2,018,020.45. This represents a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company's stock, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,174 shares of company stock worth $7,577,231. Insiders own 11.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, October 2nd. TD Cowen raised their price objective on Paychex from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Wednesday, October 2nd. UBS Group boosted their target price on shares of Paychex from $125.00 to $142.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Morgan Stanley raised their price target on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Finally, Citigroup boosted their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, Paychex currently has an average rating of "Hold" and a consensus price target of $131.62.

Paychex Stock Performance

Paychex stock traded down $0.92 during trading hours on Tuesday, hitting $140.28. 3,512,459 shares of the stock traded hands, compared to its average volume of 1,782,214. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71. The stock has a market capitalization of $50.49 billion, a price-to-earnings ratio of 30.11, a P/E/G ratio of 3.88 and a beta of 0.99. 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 price is $142.78 and its 200-day moving average price is $132.28.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.02. The company had revenue of $1.32 billion during 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%. Paychex's revenue for the quarter 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, equities analysts expect that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Thursday, November 7th. Paychex's dividend payout ratio is currently 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.