Fisher Asset Management LLC Sells 513 Shares of Paychex, Inc. (NASDAQ:PAYX)

Fisher Asset Management LLC lessened its position in Paychex, Inc. (NASDAQ:PAYXGet Rating) by 16.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,659 shares of the business services provider’s stock after selling 513 shares during the period. Fisher Asset Management LLC’s holdings in Paychex were worth $363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rather & Kittrell Inc. bought a new position in shares of Paychex in the 4th quarter valued at about $25,000. MCF Advisors LLC bought a new stake in shares of Paychex during the 1st quarter worth about $25,000. Clear Investment Research LLC bought a new stake in shares of Paychex during the 1st quarter worth about $27,000. Allegheny Financial Group LTD bought a new stake in shares of Paychex during the 4th quarter worth about $28,000. Finally, DeDora Capital Inc. bought a new stake in shares of Paychex during the 1st quarter worth about $28,000. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael E. Gioja sold 1,227 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $117.81, for a total transaction of $144,552.87. Following the completion of the transaction, the vice president now directly owns 51,122 shares in the company, valued at approximately $6,022,682.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Efrain Rivera sold 30,866 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $116.13, for a total transaction of $3,584,468.58. Following the completion of the transaction, the chief financial officer now directly owns 86,031 shares in the company, valued at approximately $9,990,780.03. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael E. Gioja sold 1,227 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $117.81, for a total transaction of $144,552.87. Following the sale, the vice president now directly owns 51,122 shares in the company, valued at $6,022,682.82. The disclosure for this sale can be found here. Insiders sold a total of 90,837 shares of company stock worth $10,539,336 in the last three months. 11.50% of the stock is owned by corporate insiders.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $129.55 on Friday. The firm has a 50 day moving average of $120.26 and a 200-day moving average of $123.14. The stock has a market capitalization of $46.77 billion, a PE ratio of 33.74, a PEG ratio of 4.15 and a beta of 1.00. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.26. Paychex, Inc. has a 12 month low of $106.55 and a 12 month high of $141.92.

Paychex (NASDAQ:PAYXGet Rating) last issued its earnings results on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 EPS. On average, equities research analysts predict that Paychex, Inc. will post 4.14 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Investors of record on Thursday, August 11th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Wednesday, August 10th. Paychex’s dividend payout ratio is 82.29%.

Analysts Set New Price Targets

Several analysts recently commented on PAYX shares. Barclays reduced their target price on shares of Paychex from $140.00 to $127.00 and set an “equal weight” rating for the company in a report on Thursday, June 30th. Morgan Stanley reduced their target price on shares of Paychex from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Paychex from $145.00 to $123.00 and set a “hold” rating for the company in a research note on Thursday, June 30th. Credit Suisse Group dropped their price objective on shares of Paychex from $165.00 to $140.00 and set an “outperform” rating for the company in a research note on Thursday, June 30th. Finally, Jefferies Financial Group dropped their price objective on shares of Paychex from $140.00 to $130.00 in a research note on Monday, May 23rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $129.23.

Paychex Profile

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXGet Rating).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.