Paychex, Inc. (NASDAQ:PAYX) Holdings Increased by Van Cleef Asset Management Inc

Van Cleef Asset Management Inc increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,393 shares of the business services provider’s stock after acquiring an additional 409 shares during the period. Paychex makes up approximately 2.1% of Van Cleef Asset Management Inc’s investment portfolio, making the stock its 12th biggest position. Van Cleef Asset Management Inc’s holdings in Paychex were worth $17,001,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. ORG Partners LLC grew 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 worth $29,000 after purchasing an additional 173 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in Paychex during the second quarter worth approximately $30,000. Chilton Capital Management LLC acquired a new position in Paychex in the first quarter worth approximately $31,000. ESL Trust Services LLC bought a new position in shares of Paychex in the first quarter valued at $31,000. Finally, American National Bank lifted its position 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 acquiring an additional 180 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Transactions at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the transaction, the vice president now directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was 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 directly owns 437,345 shares in the company, valued at $51,287,448.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Mark Anthony Bottini sold 8,954 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the sale, the vice president now owns 79,232 shares in the company, valued at approximately $9,793,075.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,163 shares of company stock worth $17,537,817. 11.50% of the stock is owned by insiders.

Paychex Stock Performance

Shares of PAYX opened at $134.12 on Wednesday. The company has a quick ratio of 1.37, a current 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 $134.27. The company’s fifty day moving average is $125.37 and its 200-day moving average is $123.18. The firm has a market cap of $48.25 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 3.42 and a beta of 1.00.

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

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio is 83.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Robert W. Baird cut their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Morgan Stanley decreased their target price on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Bank of America boosted their price target on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Finally, Barclays lowered their price objective on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Monday, July 1st. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $122.62.

About Paychex

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.