Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Dakota Wealth Management

Dakota Wealth Management cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 30.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,912 shares of the business services provider’s stock after selling 5,542 shares during the quarter. Dakota Wealth Management’s holdings in Paychex were worth $1,733,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Brookstone Capital Management increased its holdings in shares of Paychex by 37.6% in the 1st quarter. Brookstone Capital Management now owns 2,418 shares of the business services provider’s stock valued at $297,000 after purchasing an additional 661 shares in the last quarter. Vicus Capital purchased a new position in Paychex in the first quarter valued at about $255,000. Aviance Capital Partners LLC acquired a new stake in shares of Paychex during the 1st quarter valued at approximately $851,000. Diversified Trust Co boosted its stake in shares of Paychex by 146.0% during the 1st quarter. Diversified Trust Co now owns 24,604 shares of the business services provider’s stock worth $3,021,000 after acquiring an additional 14,603 shares in the last quarter. Finally, BKM Wealth Management LLC grew its holdings in shares of Paychex by 13.3% in the 1st quarter. BKM Wealth Management LLC now owns 11,696 shares of the business services provider’s stock worth $1,436,000 after acquiring an additional 1,377 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the transaction, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,608 shares of company stock worth $9,384,512. 11.40% of the stock is owned by insiders.

Paychex Stock Performance

Shares of PAYX stock opened at $140.33 on Friday. The stock has a market capitalization of $50.50 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 3.88 and a beta of 1.00. Paychex, Inc. has a one year low of $106.27 and a one year high of $144.17. The company’s 50-day simple moving average is $134.98 and its 200-day simple moving average is $126.82. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the business earned $1.14 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is 83.58%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PAYX shares. TD Cowen lifted their price objective on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Morgan Stanley lifted their target price on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group increased their price target on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $130.77.

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.