Chevy Chase Trust Holdings LLC Has $25.72 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

Chevy Chase Trust Holdings LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 209,472 shares of the business services provider’s stock after acquiring an additional 5,080 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Paychex worth $25,723,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Commerce Bank increased its stake in shares of Paychex by 1.3% during the first quarter. Commerce Bank now owns 106,645 shares of the business services provider’s stock worth $13,096,000 after purchasing an additional 1,345 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Paychex by 20.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 214,499 shares of the business services provider’s stock valued at $26,340,000 after acquiring an additional 36,439 shares during the period. Boomfish Wealth Group LLC increased its position in Paychex by 6.5% during the first quarter. Boomfish Wealth Group LLC now owns 10,196 shares of the business services provider’s stock worth $1,252,000 after acquiring an additional 625 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Paychex in the 1st quarter worth about $2,307,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in Paychex by 17.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 5,558 shares of the business services provider’s stock valued at $683,000 after purchasing an additional 817 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wedbush reissued a “neutral” rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Robert W. Baird decreased their target price on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. TD Cowen lowered their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Finally, Bank of America raised their price target on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average price target of $122.46.

Paychex Trading Down 0.9 %

Shares of NASDAQ:PAYX traded down $1.03 during mid-day trading on Wednesday, hitting $115.99. The company had a trading volume of 762,308 shares, compared to its average volume of 1,833,702. Paychex, Inc. has a one year low of $106.27 and a one year high of $129.70. The company has a market capitalization of $41.75 billion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.00. The firm has a fifty day moving average price of $121.86 and a 200 day moving average price of $121.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.24.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 28th. Investors of record on Thursday, August 8th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.38%. Paychex’s payout ratio is 83.94%.

Insider Buying and Selling

In related news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $670,452.65. The disclosure for this sale can be found here. 11.50% of the stock is currently owned by corporate insiders.

Paychex Company Profile

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.