Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 23,970 shares of the business services provider’s stock after selling 1,507 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Paychex were worth $3,217,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. CVA Family Office LLC raised its position in shares of Paychex by 5.6% during the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock valued at $186,000 after acquiring an additional 74 shares in the last quarter. Fortitude Family Office LLC increased its stake in Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 74 shares during the last quarter. Kanawha Capital Management LLC raised its holdings in shares of Paychex by 1.8% during the third quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after purchasing an additional 75 shares during the period. Baron Wealth Management LLC lifted its position in shares of Paychex by 2.2% in the 3rd quarter. Baron Wealth Management LLC now owns 3,628 shares of the business services provider’s stock worth $487,000 after buying an additional 79 shares during the last quarter. Finally, Daymark Wealth Partners LLC lifted its position in shares of Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock worth $1,167,000 after buying an additional 82 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Analyst Ratings Changes

PAYX has been the topic of several research reports. Morgan Stanley increased their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus increased their price target on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. raised their price target on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada upped their price objective on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen raised their target price on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $131.62.

Paychex Stock Performance

Shares of PAYX opened at $140.98 on Friday. The firm has a market capitalization of $50.74 billion, a PE ratio of 30.06, a P/E/G ratio of 3.88 and a beta of 0.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $142.71 and a 200 day moving average price of $132.03. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the firm posted $1.14 earnings per share. The business’s revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, November 7th. Paychex’s dividend payout ratio is presently 83.58%.

Insider Activity

In other Paychex news, VP Michael E. Gioja sold 14,731 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,020,197.70. This represents a 50.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,174 shares of company stock worth $7,577,231 over the last 90 days. 11.40% of the stock is currently owned by company insiders.

About Paychex

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.