Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,156 shares of the business services provider’s stock after buying an additional 491 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Paychex were worth $826,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. grew its position 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 acquiring an additional 163 shares during the period. ORG Partners LLC grew its holdings in shares of Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Paychex during the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC purchased a new position in Paychex in the first quarter valued at approximately $31,000. Finally, ESL Trust Services LLC acquired a new position in Paychex during the first quarter valued at approximately $31,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Up 6.3 %

Shares of NASDAQ:PAYX opened at $148.59 on Thursday. Paychex, Inc. has a 12-month low of $110.82 and a 12-month high of $149.26. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market cap of $53.48 billion, a PE ratio of 31.68, a price-to-earnings-growth ratio of 3.84 and a beta of 0.99. The company has a fifty day simple moving average of $137.06 and a 200 day simple moving average of $127.93.

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, beating analysts’ consensus estimates of $1.14 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 EPS. On average, equities research analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently declared 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 dividend yield of 2.64%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Analyst Ratings Changes

PAYX has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Barclays boosted their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Jefferies Financial Group raised their target price on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. UBS Group boosted their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $130.77.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paychex news, VP Michael E. Gioja sold 14,731 shares of the firm’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 sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,020,197.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock worth $7,577,231 over the last ninety days. 11.40% of the stock is owned by 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.