LaFleur & Godfrey LLC Sells 523 Shares of Paychex, Inc. (NASDAQ:PAYX)

LaFleur & Godfrey LLC trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 116,505 shares of the business services provider’s stock after selling 523 shares during the quarter. Paychex accounts for 2.2% of LaFleur & Godfrey LLC’s holdings, making the stock its 13th biggest position. LaFleur & Godfrey LLC’s holdings in Paychex were worth $15,634,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Meeder Asset Management Inc. lifted its stake in Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 163 shares in the last quarter. ORG Partners LLC grew its position in Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. ESL Trust Services LLC acquired a new stake in Paychex in the 1st quarter valued at $31,000. Chilton Capital Management LLC bought a new stake in Paychex during the 1st quarter worth about $31,000. Finally, American National Bank grew its holdings in shares of Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 180 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on PAYX shares. Royal Bank of Canada raised their price target on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Bank of America lifted 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. Robert W. Baird cut their target price 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. Morgan Stanley upped their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Citigroup raised their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $130.77.

Insider Buying and Selling at Paychex

In related news, VP Michael E. Gioja sold 14,731 shares of Paychex stock in a transaction that occurred 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 directly owns 14,515 shares of the company’s stock, valued at $2,020,197.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Paychex news, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred 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 in the company, valued at $2,020,197.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 74,162 shares of company stock worth $9,846,185. Insiders own 11.50% of the company’s stock.

Paychex Price Performance

Shares of PAYX stock traded down $0.84 during trading hours on Wednesday, reaching $141.46. The company’s stock had a trading volume of 380,283 shares, compared to its average volume of 1,806,396. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $144.17. 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’s 50 day simple moving average is $132.28 and its 200-day simple moving average is $125.78. The company has a market capitalization of $50.92 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 3.73 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the firm earned $1.14 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. Sell-side analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.77%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.94%.

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.