Wambolt & Associates LLC Sells 509 Shares of Paychex, Inc. (NASDAQ:PAYX)

Wambolt & Associates LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,370 shares of the business services provider’s stock after selling 509 shares during the period. Wambolt & Associates LLC’s holdings in Paychex were worth $394,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its holdings 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 period. Strategic Financial Concepts LLC purchased a new position in shares of Paychex in the 2nd quarter worth approximately $30,000. Chilton Capital Management LLC purchased a new position in shares of Paychex in the 1st quarter worth approximately $31,000. ESL Trust Services LLC purchased a new position in shares of Paychex in the 1st quarter worth approximately $31,000. Finally, American National Bank boosted 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 worth $34,000 after purchasing an additional 180 shares during the period. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction 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 sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares in the company, valued at approximately $51,287,448.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark Anthony Bottini sold 8,954 shares of Paychex 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 completion of the transaction, the vice president now owns 79,232 shares in the company, valued at $9,793,075.20. The disclosure for this sale can be found here. Insiders sold a total of 147,163 shares of company stock valued at $17,537,817 in the last ninety days. Corporate insiders own 11.50% of the company’s stock.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of recent research reports. TD Cowen lifted their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Thursday, June 27th. Bank of America lifted their target price on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. Barclays decreased their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Monday, July 1st. Finally, Robert W. Baird decreased their price target on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average target price of $123.00.

Paychex Trading Up 0.9 %

Shares of NASDAQ PAYX opened at $134.19 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $126.01 and a two-hundred day simple moving average of $123.32. The firm has a market cap of $48.27 billion, a PE ratio of 28.73, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $134.47.

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

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.92%. 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.