QRG Capital Management Inc. Grows Position in Paychex, Inc. (NASDAQ:PAYX)

QRG Capital Management Inc. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 6.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,894 shares of the business services provider’s stock after purchasing an additional 3,817 shares during the quarter. QRG Capital Management Inc.’s holdings in Paychex were worth $8,306,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. grew its stake in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after buying an additional 163 shares during the period. ORG Partners LLC grew its stake in Paychex by 227.6% during the second 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. ESL Trust Services LLC acquired a new position in shares of Paychex during the first quarter worth $31,000. Fortitude Family Office LLC lifted its position in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares in the last quarter. Finally, Chilton Capital Management LLC acquired a new position in shares of Paychex during the first quarter worth $31,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus boosted their target price on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. UBS Group upped their price target on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their price target on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Finally, Barclays upped their price target on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, Paychex presently has a consensus rating of “Hold” and a consensus price target of $130.77.

Paychex Stock Performance

Shares of PAYX opened at $139.68 on Tuesday. The firm has a 50-day moving average price of $136.50 and a 200 day moving average price of $127.64. The firm has a market capitalization of $50.27 billion, a PE ratio of 29.78, a P/E/G ratio of 3.82 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. Paychex, Inc. has a 52-week low of $109.98 and a 52-week high of $144.17.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm posted $1.14 EPS. Paychex’s revenue was up 2.5% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Thursday, November 7th. Paychex’s payout ratio is 83.58%.

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.