Wealthspire Advisors LLC Has $1.62 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Wealthspire Advisors LLC decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,664 shares of the business services provider’s stock after selling 227 shares during the quarter. Wealthspire Advisors LLC’s holdings in Paychex were worth $1,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares in the last quarter. ORG Partners LLC raised its stake in shares of Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 173 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in Paychex in the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC bought a new stake in Paychex during the first quarter worth approximately $31,000. Finally, ESL Trust Services LLC acquired a new position in Paychex during the first quarter valued at approximately $31,000. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.7 %

Shares of PAYX stock opened at $135.09 on Friday. Paychex, Inc. has a one year low of $106.27 and a one year high of $136.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a fifty day moving average price of $126.36 and a 200 day moving average price of $123.41. The stock has a market cap of $48.60 billion, a P/E ratio of 28.93, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00.

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

Paychex Dividend Announcement

The business 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 of this dividend was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.90%. Paychex’s payout ratio is presently 83.94%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Barclays lowered their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Monday, July 1st. JPMorgan Chase & Co. boosted their price objective on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research note on Thursday, June 27th. Finally, Bank of America lifted their price target on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $123.00.

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the sale, the director now directly owns 5,383 shares in the company, valued at $676,104.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the transaction, 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 hyperlink. Also, Director David J. S. Flaschen sold 9,615 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the sale, the director now owns 5,383 shares in the company, valued at $676,104.80. The disclosure for this sale can be found here. Insiders sold 147,163 shares of company stock worth $17,537,817 in the last 90 days. 11.50% of the stock is owned by company insiders.

Paychex Company 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.