Geneos Wealth Management Inc. Grows Position in Paychex, Inc. (NASDAQ:PAYX)

Geneos Wealth Management Inc. grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,543 shares of the business services provider’s stock after buying an additional 92 shares during the period. Geneos Wealth Management Inc.’s holdings in Paychex were worth $312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in PAYX. Clear Investment Research LLC raised its holdings in shares of Paychex by 55.8% during the fourth quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after purchasing an additional 110 shares during the last quarter. Tidemark LLC purchased a new stake in shares of Paychex in the fourth quarter worth about $40,000. Criterion Capital Advisors LLC acquired a new stake in Paychex during the fourth quarter worth about $40,000. Turtle Creek Wealth Advisors LLC purchased a new position in Paychex during the fourth quarter valued at approximately $41,000. Finally, JFS Wealth Advisors LLC lifted its holdings in Paychex by 47.9% in the fourth quarter. JFS Wealth Advisors LLC now owns 349 shares of the business services provider’s stock valued at $42,000 after acquiring an additional 113 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Up 0.1 %

Shares of PAYX opened at $117.06 on Friday. The stock has a 50 day moving average price of $121.78 and a 200 day moving average price of $121.45. Paychex, Inc. has a one year low of $106.27 and a one year high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.37. The stock has a market capitalization of $42.14 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 3.10 and a beta of 1.00.

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

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is 83.94%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PAYX. Wedbush reaffirmed a “neutral” rating and set a $115.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. Morgan Stanley cut their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Evercore ISI reissued an “in-line” rating and set a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. TD Cowen dropped their target price on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $122.46.

Insider Transactions at Paychex

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was 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 $670,452.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Insiders own 11.50% of the company’s stock.

Paychex 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.