Sound View Wealth Advisors Group LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 4.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,773 shares of the business services provider’s stock after selling 481 shares during the quarter. Sound View Wealth Advisors Group LLC’s holdings in Paychex were worth $958,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in PAYX. JJJ Advisors Inc. raised its holdings in shares of Paychex by 857.1% in the 4th quarter. JJJ Advisors Inc. now owns 268 shares of the business services provider’s stock worth $25,000 after purchasing an additional 240 shares during the period. Addison Advisors LLC purchased a new position in shares of Paychex in the 4th quarter worth about $25,000. Reby Advisors LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $28,000. Pflug Koory LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $30,000. Finally, Birchcreek Wealth Management LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $30,000. Institutional investors own 70.00% of the company’s stock.
A number of equities analysts recently issued reports on PAYX shares. Robert W. Baird lifted their target price on Paychex from $82.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, April 13th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on shares of Paychex from $93.00 to $105.00 in a research report on Tuesday, January 5th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Paychex from $81.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, January 4th. The Goldman Sachs Group lifted their price target on shares of Paychex from $85.00 to $89.00 and gave the stock a “sell” rating in a report on Tuesday, April 13th. Finally, Smith Barney Citigroup boosted their target price on shares of Paychex from $93.00 to $105.00 in a report on Tuesday, January 5th. Three 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. Paychex presently has an average rating of “Hold” and a consensus price target of $93.00.
Paychex (NASDAQ:PAYX) last posted its earnings results on Monday, April 5th. The business services provider reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.04. Paychex had a net margin of 26.66% and a return on equity of 37.99%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the company posted $0.97 EPS. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. Research analysts predict that Paychex, Inc. will post 2.94 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 27th. Shareholders of record on Wednesday, May 12th will be given a dividend of $0.66 per share. 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 yield of 2.67%. Paychex’s payout ratio is 82.67%.
In related news, CEO Martin Mucci sold 50,000 shares of the business’s stock in a transaction on Friday, February 26th. The shares were sold at an average price of $91.09, for a total value of $4,554,500.00. Also, VP Michael E. Gioja sold 35,294 shares of the business’s stock in a transaction on Monday, April 12th. The stock was 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 directly owns 79,015 shares of the company’s stock, valued at approximately $7,548,302.95. The disclosure for this sale can be found here. Insiders sold a total of 89,047 shares of company stock worth $8,289,914 over the last 90 days. Company insiders own 11.70% of the company’s stock.
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.
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).
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.