Veery Capital LLC Acquires Shares of 1,543 Paychex, Inc. (NASDAQ:PAYX)

Veery Capital LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,543 shares of the business services provider’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in Paychex by 286.0% in the 2nd 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 in the last quarter. ORG Partners LLC grew its stake in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. Fortitude Family Office LLC increased its holdings in shares of Paychex by 42.0% in the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 74 shares in the last quarter. American National Bank raised its position in 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 last quarter. Finally, Quarry LP lifted its holdings in Paychex by 152.6% during the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock worth $35,000 after buying an additional 177 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Down 2.0 %

NASDAQ:PAYX opened at $142.96 on Friday. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71. The stock has a 50-day moving average price of $139.30 and a two-hundred day moving average price of $129.19. The stock has a market cap of $51.45 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 3.93 and a beta of 0.99. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 EPS. As a group, equities analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. Paychex’s payout ratio is 83.58%.

Insider Buying and Selling

In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction 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 transaction, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 64.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,174 shares of company stock valued at $7,577,231. Company insiders own 11.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. UBS Group lifted their target price on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus lifted their price objective on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price 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. TD Cowen raised their target price on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Barclays boosted their price target on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $130.77.

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.