Paychex, Inc. (NASDAQ:PAYX) Shares Sold by FineMark National Bank & Trust

FineMark National Bank & Trust reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,468 shares of the business services provider’s stock after selling 332 shares during the quarter. FineMark National Bank & Trust’s holdings in Paychex were worth $907,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Paychex by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 31,521,025 shares of the business services provider’s stock worth $4,419,878,000 after acquiring an additional 174,817 shares during the period. State Street Corp boosted its position in Paychex by 0.5% during the third quarter. State Street Corp now owns 13,230,236 shares of the business services provider’s stock worth $1,775,365,000 after purchasing an additional 60,455 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Paychex by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,044,631 shares of the business services provider’s stock valued at $1,408,458,000 after purchasing an additional 519,761 shares during the last quarter. Geode Capital Management LLC grew its holdings in Paychex by 2.1% in the third quarter. Geode Capital Management LLC now owns 9,414,072 shares of the business services provider’s stock valued at $1,262,700,000 after purchasing an additional 190,937 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Paychex by 46.2% in the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider’s stock valued at $234,627,000 after buying an additional 552,540 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

PAYX stock opened at $144.13 on Wednesday. The stock has a market capitalization of $51.90 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 4.10 and a beta of 0.98. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $158.37. The stock’s fifty day simple moving average is $147.91 and its 200-day simple moving average is $142.99.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Friday, February 7th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Friday, February 7th. Paychex’s payout ratio is 82.53%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. UBS Group boosted their price objective on shares of Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 price target on shares of Paychex in a report on Friday, December 20th. Finally, Barclays raised their price objective on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $133.23.

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.