Boomfish Wealth Group LLC Purchases 259 Shares of Paychex, Inc. (NASDAQ:PAYX)

Boomfish Wealth Group LLC lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,455 shares of the business services provider’s stock after purchasing an additional 259 shares during the period. Boomfish Wealth Group LLC’s holdings in Paychex were worth $1,240,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PAYX. Boston Trust Walden Corp raised its position in Paychex by 1.2% in the second quarter. Boston Trust Walden Corp now owns 167,401 shares of the business services provider’s stock worth $19,847,000 after acquiring an additional 1,949 shares during the period. Sumitomo Life Insurance Co. raised its holdings in Paychex by 31.2% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 26,500 shares of the business services provider’s stock worth $3,227,000 after purchasing an additional 6,300 shares during the period. Gradient Investments LLC lifted its position in Paychex by 124.0% during the second quarter. Gradient Investments LLC now owns 410 shares of the business services provider’s stock valued at $49,000 after purchasing an additional 227 shares in the last quarter. Brookstone Capital Management grew its holdings in Paychex by 20.4% during the second quarter. Brookstone Capital Management now owns 2,911 shares of the business services provider’s stock valued at $369,000 after purchasing an additional 493 shares during the period. Finally, Blue Trust Inc. increased its position in Paychex by 164.8% in the second quarter. Blue Trust Inc. now owns 2,825 shares of the business services provider’s stock worth $347,000 after buying an additional 1,758 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Down 0.5 %

NASDAQ:PAYX traded down $0.62 during midday trading on Friday, hitting $125.20. 1,171,508 shares of the company traded hands, compared to its average volume of 1,846,948. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm’s fifty day moving average is $122.82 and its 200-day moving average is $122.32. The firm has a market capitalization of $45.07 billion, a P/E ratio of 26.81, a P/E/G ratio of 3.29 and a beta of 1.00. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.92.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts predict 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 Thursday, August 29th. Stockholders of record on Thursday, August 8th will be issued a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 3.13%. Paychex’s payout ratio is 83.94%.

Wall Street Analyst Weigh In

PAYX has been the topic of a number of analyst reports. Morgan Stanley lowered their price objective on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 27th. Barclays dropped their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Bank of America raised their price objective on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Thursday, June 27th. Finally, Robert W. Baird lowered their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Paychex has an average rating of “Hold” and a consensus price target of $122.46.

Insider Transactions at Paychex

In related news, Director David J. S. Flaschen sold 19,709 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the completion of the transaction, the director now owns 5,383 shares in the company, valued at approximately $670,452.65. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director David J. S. Flaschen sold 19,709 shares of Paychex 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 approximately $670,452.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,872 shares of company stock worth $19,992,573. 11.50% of the stock is currently owned by company insiders.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.