Concurrent Investment Advisors LLC Sells 1,813 Shares of Paychex, Inc. (NASDAQ:PAYX)

Concurrent Investment Advisors LLC lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,159 shares of the business services provider’s stock after selling 1,813 shares during the period. Concurrent Investment Advisors LLC’s holdings in Paychex were worth $2,983,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC lifted its holdings in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares during the period. Chilton Capital Management LLC acquired a new position in Paychex during the 1st quarter worth about $31,000. ESL Trust Services LLC acquired a new position in Paychex during the 1st quarter worth about $31,000. American National Bank lifted its holdings in Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after buying an additional 180 shares during the period. Finally, Clear Investment Research LLC lifted its holdings in Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after buying an additional 110 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 1.3 %

PAYX traded up $1.65 during trading on Friday, hitting $131.20. 1,798,939 shares of the company’s stock were exchanged, compared to its average volume of 1,831,250. The stock has a market cap of $47.23 billion, a P/E ratio of 28.09, a PEG ratio of 3.31 and a beta of 1.00. The business’s 50 day moving average is $123.75 and its two-hundred day moving average is $122.79. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $132.13. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. The company had revenue of $1.30 billion for 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 firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.97 EPS. As a group, equities analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were issued a $0.98 dividend. The ex-dividend date was Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 2.99%. Paychex’s dividend payout ratio is currently 83.94%.

Analyst Ratings Changes

Several research analysts have commented on PAYX shares. Morgan Stanley cut their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a report on Thursday, June 27th. Bank of America boosted their price objective on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Barclays dropped their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Monday, July 1st. JPMorgan Chase & Co. boosted their price objective on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research note 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $122.62.

Insider Activity at Paychex

In other news, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total value of $1,807,281.14. Following the transaction, the director now owns 5,383 shares in the company, valued at approximately $674,005.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. S. Flaschen sold 14,434 shares of Paychex stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the sale, the director now directly owns 5,383 shares in the company, valued at approximately $674,005.43. The disclosure for this sale can be found here. Insiders have sold 147,163 shares of company stock valued at $17,537,817 over the last ninety days. Corporate insiders own 11.50% of the company’s stock.

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.