Cahaba Wealth Management Inc. Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Cahaba Wealth Management Inc. cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,883 shares of the business services provider’s stock after selling 171 shares during the period. Cahaba Wealth Management Inc.’s holdings in Paychex were worth $223,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. ORG Partners LLC lifted 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 valued at $29,000 after buying an additional 173 shares during the period. Chilton Capital Management LLC purchased a new position in Paychex in the first quarter worth about $31,000. ESL Trust Services LLC bought a new stake in shares of Paychex during the 1st quarter valued at about $31,000. American National Bank grew its stake in shares of Paychex by 166.7% during the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares during the period. Finally, Clear Investment Research LLC increased its position in shares of Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 110 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PAYX. Bank of America boosted their target price 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 price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Barclays decreased their target price on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Monday, July 1st. Morgan Stanley cut their price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $122.62.

Insider Activity

In related news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total value of $1,514,445.10. Following the sale, the chief executive officer now directly owns 55,745 shares in the company, valued at $6,663,199.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the completion of the sale, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The disclosure for this sale can be found here. Insiders sold a total of 147,163 shares of company stock worth $17,537,817 over the last 90 days. Corporate insiders own 11.50% of the company’s stock.

Paychex Stock Down 0.5 %

Shares of PAYX opened at $129.38 on Friday. The business’s 50 day moving average is $124.75 and its 200 day moving average is $123.07. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $133.12. The company has a market capitalization of $46.59 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 3.47 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the business posted $0.97 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. Research analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is presently 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.