Commonwealth Equity Services LLC Increases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Commonwealth Equity Services LLC lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 267,957 shares of the business services provider’s stock after acquiring an additional 9,973 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Paychex were worth $28,751,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PAYX. Sowell Financial Services LLC grew its position in shares of Paychex by 74.5% during the first quarter. Sowell Financial Services LLC now owns 3,728 shares of the business services provider’s stock worth $379,000 after buying an additional 1,592 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Paychex by 3.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,408 shares of the business services provider’s stock worth $5,823,000 after purchasing an additional 2,075 shares during the last quarter. Lincoln National Corp grew its stake in Paychex by 9.2% in the first quarter. Lincoln National Corp now owns 8,098 shares of the business services provider’s stock worth $794,000 after purchasing an additional 683 shares in the last quarter. Cigna Investments Inc. New raised its stake in Paychex by 2.9% during the first quarter. Cigna Investments Inc. New now owns 11,520 shares of the business services provider’s stock valued at $1,129,000 after buying an additional 327 shares in the last quarter. Finally, Hunter Associates Investment Management LLC lifted its holdings in Paychex by 8.4% during the 1st quarter. Hunter Associates Investment Management LLC now owns 2,997 shares of the business services provider’s stock worth $294,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 69.75% of the company’s stock.

PAYX opened at $109.98 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. The firm has a market cap of $39.66 billion, a PE ratio of 36.18, a P/E/G ratio of 4.09 and a beta of 0.91. The business has a fifty day simple moving average of $112.99 and a 200-day simple moving average of $105.31. Paychex, Inc. has a fifty-two week low of $75.32 and a fifty-two week high of $118.22.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, June 24th. The business services provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.05. Paychex had a return on equity of 38.04% and a net margin of 27.05%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $980.02 million. During the same quarter in the previous year, the company earned $0.61 EPS. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities research analysts anticipate that Paychex, Inc. will post 3.37 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Monday, August 2nd were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, July 30th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.40%. Paychex’s dividend payout ratio is currently 86.84%.

Paychex declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 8th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to buy up to 1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

PAYX has been the topic of a number of recent research reports. Morgan Stanley raised their target price on shares of Paychex from $90.00 to $97.00 and gave the stock an “equal weight” rating in a report on Monday, June 28th. Argus lifted their price objective on shares of Paychex from $106.00 to $118.00 and gave the company a “buy” rating in a research note on Monday, June 28th. BMO Capital Markets increased their target price on shares of Paychex from $96.00 to $108.00 and gave the company a “market perform” rating in a research report on Monday, June 28th. Citigroup boosted their price target on shares of Paychex from $105.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Paychex from $98.00 to $103.00 and gave the stock a “hold” rating in a research note on Monday, June 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.29.

In other news, insider Stephanie L. Schaeffer sold 1,921 shares of the business’s stock in a transaction on Friday, July 9th. The shares were sold at an average price of $111.90, for a total transaction of $214,959.90. Following the transaction, the insider now directly owns 62,241 shares in the company, valued at approximately $6,964,767.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 10,850 shares of the business’s stock in a transaction dated Friday, July 16th. The shares were sold at an average price of $112.41, for a total value of $1,219,648.50. Following the completion of the transaction, the director now owns 1,879 shares in the company, valued at approximately $211,218.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 283,467 shares of company stock valued at $31,877,536. 11.70% of the stock is owned by insiders.

Paychex Profile

Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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