Kingsview Wealth Management LLC Sells 749 Shares of Paychex, Inc. (NASDAQ:PAYX)

Kingsview Wealth Management LLC lessened its position in Paychex, Inc. (NASDAQ:PAYX) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,139 shares of the business services provider’s stock after selling 749 shares during the period. Kingsview Wealth Management LLC’s holdings in Paychex were worth $9,741,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. lifted its stake in shares of Paychex by 220.7% during the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider’s stock worth $26,000 after buying an additional 128 shares during the last quarter. WealthTrak Capital Management LLC bought a new stake in Paychex in the 4th quarter valued at about $28,000. MorganRosel Wealth Management LLC bought a new stake in Paychex in the 1st quarter valued at about $34,000. Alpine Bank Wealth Management bought a new stake in Paychex in the 1st quarter valued at about $34,000. Finally, Tsfg LLC boosted its holdings in Paychex by 122.3% in the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 126 shares during the period. Institutional investors own 83.47% of the company’s stock.

Insiders Place Their Bets

In other Paychex news, Chairman Martin Mucci sold 97,526 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the sale, the chairman directly owned 446,917 shares of the company’s stock, valued at $64,878,940.89. The trade was a 17.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.40% of the stock is owned by insiders.

Paychex Price Performance

PAYX stock opened at $142.25 on Thursday. The company has a 50 day simple moving average of $151.49 and a 200 day simple moving average of $148.18. The stock has a market cap of $51.24 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 3.22 and a beta of 0.88. Paychex, Inc. has a 1 year low of $121.33 and a 1 year high of $161.24. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.39.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, July 21st will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Monday, July 21st. Paychex’s dividend payout ratio is 94.53%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Stifel Nicolaus cut their price objective on shares of Paychex from $156.00 to $152.00 and set a “hold” rating for the company in a report on Thursday, June 26th. Cfra Research upgraded shares of Paychex to a “hold” rating in a research report on Thursday, March 27th. Jefferies Financial Group set a $140.00 target price on shares of Paychex and gave the company a “hold” rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 target price on shares of Paychex and gave the company a “sector perform” rating in a research report on Tuesday, June 24th. Finally, BMO Capital Markets began coverage on shares of Paychex in a research report on Thursday, July 10th. They issued a “market perform” rating and a $160.00 target price for the company. One analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $150.20.

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.