Paychex, Inc. $PAYX Shares Sold by Troy Asset Management Ltd

Troy Asset Management Ltd cut its position in Paychex, Inc. (NASDAQ:PAYX) by 3.5% in the fourth quarter, Holdings Channel reports. The firm owned 575,765 shares of the business services provider’s stock after selling 20,670 shares during the period. Paychex accounts for approximately 1.6% of Troy Asset Management Ltd’s holdings, making the stock its 12th biggest position. Troy Asset Management Ltd’s holdings in Paychex were worth $64,589,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. First National Trust Co boosted its position in shares of Paychex by 1.1% in the 4th quarter. First National Trust Co now owns 18,025 shares of the business services provider’s stock valued at $2,022,000 after purchasing an additional 196 shares during the period. Prospera Financial Services Inc boosted its position in shares of Paychex by 8.0% in the 4th quarter. Prospera Financial Services Inc now owns 39,279 shares of the business services provider’s stock valued at $4,407,000 after purchasing an additional 2,901 shares during the period. Buckhead Capital Management LLC boosted its position in shares of Paychex by 9.5% in the 4th quarter. Buckhead Capital Management LLC now owns 2,936 shares of the business services provider’s stock valued at $329,000 after purchasing an additional 254 shares during the period. Guinness Asset Management LTD boosted its position in shares of Paychex by 5.6% in the 4th quarter. Guinness Asset Management LTD now owns 1,727,194 shares of the business services provider’s stock valued at $196,350,000 after purchasing an additional 91,342 shares during the period. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of Paychex in the 4th quarter valued at about $148,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Performance

Shares of PAYX stock opened at $97.00 on Monday. The company has a market cap of $34.75 billion, a price-to-earnings ratio of 21.37 and a beta of 0.84. The stock has a 50 day simple moving average of $92.01 and a 200-day simple moving average of $101.37. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $161.24. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.13.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.49 EPS. On average, equities analysts forecast that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be issued a dividend of $1.19 per share. This is a boost from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, May 13th. Paychex’s payout ratio is presently 104.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PAYX shares. Guggenheim started coverage on Paychex in a research report on Thursday, March 19th. They issued a “neutral” rating for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paychex in a research report on Friday, April 24th. Wells Fargo & Company decreased their price objective on Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. Robert W. Baird cut their price target on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. Finally, Morgan Stanley cut their price target on Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Paychex currently has a consensus rating of “Reduce” and a consensus price target of $106.38.

Paychex Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.