Teacher Retirement System of Texas boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 59.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 392,565 shares of the business services provider’s stock after acquiring an additional 146,645 shares during the period. Teacher Retirement System of Texas’ holdings in Paychex were worth $32,304,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC boosted its holdings in shares of Paychex by 64.9% in the 1st quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock worth $25,000 after acquiring an additional 122 shares in the last quarter. Glassman Wealth Services boosted its holdings in shares of Paychex by 125.0% in the 1st quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock worth $25,000 after acquiring an additional 170 shares in the last quarter. Ellevest Inc. acquired a new position in shares of Paychex in the 1st quarter worth approximately $27,000. Manchester Financial Inc. acquired a new position in shares of Paychex in the 2nd quarter worth approximately $29,000. Finally, Covenant Multifamily Offices LLC acquired a new position in shares of Paychex in the 1st quarter worth approximately $33,000. Institutional investors own 70.84% of the company’s stock.

NASDAQ:PAYX traded down $1.07 during trading hours on Thursday, hitting $81.45. 17,851 shares of the stock were exchanged, compared to its average volume of 1,788,120. The company’s 50 day moving average is $84.23 and its two-hundred day moving average is $82.11. Paychex, Inc. has a twelve month low of $61.32 and a twelve month high of $88.43. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $29.57 billion, a P/E ratio of 28.80, a price-to-earnings-growth ratio of 2.96 and a beta of 0.86.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The firm had revenue of $980.40 million for the quarter, compared to analyst estimates of $978.94 million. During the same period in the prior year, the company posted $0.61 EPS. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Paychex, Inc. will post 3.09 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.04%. The ex-dividend date is Wednesday, July 31st. Paychex’s dividend payout ratio is 87.32%.

Several research analysts have recently commented on the company. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $77.00 to $74.00 in a report on Thursday, August 15th. Bank of America downgraded Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Finally, William Blair reissued a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $76.20.

In other news, VP Mark Anthony Bottini sold 2,366 shares of the stock in a transaction on Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $201,843.46. Following the transaction, the vice president now owns 55,767 shares of the company’s stock, valued at approximately $4,757,482.77. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Laurie L. Zaucha sold 5,859 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $83.31, for a total value of $488,113.29. Following the completion of the transaction, the vice president now directly owns 44,280 shares in the company, valued at approximately $3,688,966.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,996 shares of company stock worth $4,763,436. Company insiders own 11.80% of the company’s stock.

Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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