OLD National Bancorp IN Has $596,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

OLD National Bancorp IN trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,860 shares of the business services provider’s stock after selling 382 shares during the quarter. OLD National Bancorp IN’s holdings in Paychex were worth $596,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PAYX. Meeder Asset Management Inc. boosted its stake in Paychex by 220.7% in the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider’s stock valued at $26,000 after buying an additional 128 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Paychex during the fourth quarter valued at $28,000. WealthTrak Capital Management LLC bought a new position in shares of Paychex during the fourth quarter valued at $28,000. Millstone Evans Group LLC acquired a new stake in shares of Paychex in the 4th quarter valued at $33,000. Finally, Avion Wealth grew its holdings in shares of Paychex by 469.8% in the 4th quarter. Avion Wealth now owns 245 shares of the business services provider’s stock worth $34,000 after purchasing an additional 202 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 1.8%

NASDAQ PAYX opened at $156.97 on Tuesday. The stock has a market capitalization of $56.54 billion, a P/E ratio of 33.05, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92. Paychex, Inc. has a 52 week low of $115.40 and a 52 week high of $161.24. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a fifty day moving average of $150.30 and a 200-day moving average of $147.26.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company earned $1.38 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 12th were given a dividend of $1.08 per share. This is a boost from Paychex’s previous quarterly dividend of $0.98. The ex-dividend date was Monday, May 12th. This represents a $4.32 annualized dividend and a dividend yield of 2.75%. Paychex’s payout ratio is presently 90.00%.

Insider Activity

In related news, Director Joseph M. Velli sold 3,650 shares of Paychex stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total transaction of $544,762.50. Following the completion of the sale, the director now directly owns 78,455 shares of the company’s stock, valued at $11,709,408.75. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several analyst reports. Royal Bank of Canada lifted their price target on shares of Paychex from $148.00 to $165.00 and gave the company a “sector perform” rating in a report on Tuesday, June 3rd. Morgan Stanley lifted their target price on shares of Paychex from $137.00 to $142.00 and gave the company an “equal weight” rating in a research note on Thursday, March 27th. Stifel Nicolaus increased their price target on Paychex from $141.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, March 27th. UBS Group raised their price target on Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Finally, Citigroup boosted their price objective on Paychex from $145.00 to $158.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and a consensus target price of $142.55.

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.