Paychex, Inc. (PAYX) Position Lessened by Summit X LLC

Summit X LLC decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 29.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 5,840 shares of the business services provider’s stock after selling 2,460 shares during the period. Summit X LLC’s holdings in Paychex were worth $430,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd purchased a new position in Paychex during the third quarter worth approximately $115,000. Advisors Preferred LLC raised its stake in Paychex by 116.4% during the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares during the period. Fort L.P. purchased a new position in Paychex during the second quarter worth approximately $121,000. TRUE Private Wealth Advisors purchased a new position in Paychex during the third quarter worth approximately $137,000. Finally, Rational Advisors LLC purchased a new position in Paychex during the second quarter worth approximately $151,000. 67.14% of the stock is currently owned by institutional investors and hedge funds.

In other news, VP Jennifer R. Vossler sold 4,000 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total value of $282,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John B. Gibson sold 47,250 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. Insiders sold 81,250 shares of company stock valued at $5,885,815 in the last three months. Company insiders own 11.80% of the company’s stock.

A number of research firms have weighed in on PAYX. Moffett Nathanson began coverage on shares of Paychex in a research note on Thursday, October 4th. They set a “neutral” rating and a $79.00 price target on the stock. Morgan Stanley increased their price target on shares of Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 3rd. Deutsche Bank increased their price target on shares of Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, October 3rd. Stifel Nicolaus increased their price target on shares of Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research note on Wednesday, October 3rd. Finally, Citigroup increased their price target on shares of Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $72.93.

Paychex stock opened at $65.49 on Friday. Paychex, Inc. has a 52-week low of $59.36 and a 52-week high of $76.02. The firm has a market capitalization of $23.52 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 2.71 and a beta of 1.02.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The company had revenue of $862.80 million during the quarter, compared to analyst estimates of $850.39 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts forecast that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Wednesday, October 31st. Paychex’s payout ratio is currently 87.84%.

About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply