Paychex, Inc. (NASDAQ:PAYX) Stock Position Lifted by Greenleaf Trust

Greenleaf Trust grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 29.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,045 shares of the business services provider’s stock after purchasing an additional 917 shares during the quarter. Greenleaf Trust’s holdings in Paychex were worth $396,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Hohimer Wealth Management LLC grew its position in Paychex by 0.8% in the fourth quarter. Hohimer Wealth Management LLC now owns 13,594 shares of the business services provider’s stock worth $1,267,000 after acquiring an additional 114 shares in the last quarter. CVA Family Office LLC grew its position in Paychex by 19.3% in the first quarter. CVA Family Office LLC now owns 710 shares of the business services provider’s stock worth $70,000 after acquiring an additional 115 shares in the last quarter. Mather Group LLC. grew its position in Paychex by 3.3% in the fourth quarter. Mather Group LLC. now owns 3,730 shares of the business services provider’s stock worth $348,000 after acquiring an additional 118 shares in the last quarter. Segment Wealth Management LLC grew its position in Paychex by 2.9% in the fourth quarter. Segment Wealth Management LLC now owns 4,306 shares of the business services provider’s stock worth $401,000 after acquiring an additional 120 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC grew its position in Paychex by 1.3% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 10,254 shares of the business services provider’s stock worth $955,000 after acquiring an additional 129 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Several research firms recently issued reports on PAYX. Robert W. Baird upped their price objective on shares of Paychex from $82.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, April 13th. Argus upped their price objective on shares of Paychex from $103.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, April 13th. Wolfe Research reaffirmed an “underperform” rating and set a $94.00 price objective on shares of Paychex in a report on Tuesday, April 13th. Morgan Stanley decreased their price objective on shares of Paychex from $91.00 to $90.00 and set an “equal weight” rating for the company in a report on Tuesday, April 13th. Finally, The Goldman Sachs Group upped their price objective on shares of Paychex from $85.00 to $89.00 and gave the stock a “sell” rating in a report on Tuesday, April 13th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average price target of $93.00.

Shares of PAYX stock opened at $99.03 on Wednesday. Paychex, Inc. has a 52-week low of $60.00 and a 52-week high of $102.61. The stock has a market cap of $35.69 billion, a price-to-earnings ratio of 33.80, a P/E/G ratio of 3.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a fifty day moving average of $98.35 and a 200-day moving average of $92.94.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Monday, April 5th. The business services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. Paychex had a net margin of 26.66% and a return on equity of 37.99%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted $0.97 EPS. The business’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts predict that Paychex, Inc. will post 2.94 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 27th. Stockholders of record on Wednesday, May 12th will be paid a $0.66 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.62. The ex-dividend date is Tuesday, May 11th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.67%. Paychex’s dividend payout ratio is currently 82.67%.

In related news, VP Michael E. Gioja sold 35,294 shares of the stock in a transaction dated Monday, April 12th. The shares were sold at an average price of $95.53, for a total transaction of $3,371,635.82. Following the completion of the sale, the vice president now owns 79,015 shares in the company, valued at approximately $7,548,302.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Martin Mucci sold 50,000 shares of the stock in a transaction dated Friday, February 26th. The stock was sold at an average price of $91.09, for a total transaction of $4,554,500.00. In the last 90 days, insiders sold 228,885 shares of company stock valued at $22,208,110. Corporate insiders own 11.70% of the company’s stock.

About Paychex

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 and Europe. The company 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: What is a Tariff?

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:PAYX).

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.