Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Trust Co. of Vermont

Trust Co. of Vermont cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,591 shares of the business services provider’s stock after selling 2,335 shares during the period. Trust Co. of Vermont’s holdings in Paychex were worth $5,645,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Paychex by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 31,521,025 shares of the business services provider’s stock worth $4,419,878,000 after acquiring an additional 174,817 shares during the period. Capital International Investors boosted its stake in shares of Paychex by 0.6% during the fourth quarter. Capital International Investors now owns 26,905,031 shares of the business services provider’s stock worth $3,772,544,000 after buying an additional 166,155 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Paychex by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,044,631 shares of the business services provider’s stock worth $1,408,458,000 after buying an additional 519,761 shares during the period. Geode Capital Management LLC boosted its stake in shares of Paychex by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 9,541,034 shares of the business services provider’s stock worth $1,339,463,000 after buying an additional 126,962 shares during the period. Finally, Northern Trust Corp lifted its position in Paychex by 16.9% in the fourth quarter. Northern Trust Corp now owns 4,807,554 shares of the business services provider’s stock valued at $674,115,000 after purchasing an additional 694,651 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Paychex

In related news, Director Joseph M. Velli sold 3,650 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were 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 owns 78,455 shares of the company’s stock, valued at $11,709,408.75. This represents a 4.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.40% of the company’s stock.

Paychex Price Performance

PAYX opened at $141.01 on Friday. The company has a 50-day moving average of $151.75 and a 200-day moving average of $147.75. The company has a market capitalization of $50.79 billion, a P/E ratio of 30.86, a PEG ratio of 2.87 and a beta of 0.92. Paychex, Inc. has a 1-year low of $115.40 and a 1-year high of $161.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.39 and a current ratio of 1.28.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, hitting the consensus estimate of $1.19. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same quarter in the previous year, the firm earned $1.12 EPS. Equities analysts expect that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, May 12th were given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Monday, May 12th. This is an increase from Paychex’s previous quarterly dividend of $0.98. Paychex’s dividend payout ratio is currently 90.00%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of Paychex in a report on Tuesday. Citigroup set a $158.00 target price on shares of Paychex and gave the stock a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Paychex from $140.00 to $148.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 18th. Cfra Research upgraded shares of Paychex to a “hold” rating in a report on Thursday, March 27th. Finally, Royal Bank Of Canada set a $165.00 price target on shares of Paychex and gave the company a “sector perform” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $143.00.

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.