Coastline Trust Co Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Coastline Trust Co reduced its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,228 shares of the business services provider’s stock after selling 175 shares during the quarter. Coastline Trust Co’s holdings in Paychex were worth $3,362,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ST Germain D J Co. Inc. purchased a new position in shares of Paychex in the 2nd quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new position in shares of Paychex in the 3rd quarter valued at approximately $26,000. Carmel Capital Partners LLC purchased a new position in shares of Paychex in the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC raised its position in shares of Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Finally, DHJJ Financial Advisors Ltd. purchased a new position in shares of Paychex in the 3rd quarter valued at approximately $33,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is currently owned by insiders.

Paychex Stock Performance

Shares of NASDAQ PAYX traded up $0.46 during midday trading on Tuesday, reaching $122.08. 5,002,989 shares of the stock were exchanged, compared to its average volume of 1,748,822. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 3.32 and a beta of 0.93. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The firm has a 50-day simple moving average of $121.99 and a two-hundred day simple moving average of $119.57. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex (NASDAQ:PAYXGet Free Report) last released its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company earned $1.29 EPS. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that Paychex, Inc. will post 4.72 EPS for the current fiscal year.

Paychex declared that its Board of Directors has initiated a share repurchase program on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were issued a $0.89 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.92%. Paychex’s payout ratio is currently 79.11%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. TD Cowen reiterated a “market perform” rating and issued a $123.00 price target (down previously from $132.00) on shares of Paychex in a report on Friday, December 22nd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. Barclays cut their price target on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a report on Friday, December 22nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat, Paychex currently has an average rating of “Hold” and an average price target of $122.77.

View Our Latest Research Report on PAYX

Paychex Company Profile

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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