Marino Stram & Associates LLC Sells 490 Shares of Paychex, Inc. (NASDAQ:PAYX)

Marino Stram & Associates LLC decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 8.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,244 shares of the business services provider’s stock after selling 490 shares during the period. Marino Stram & Associates LLC’s holdings in Paychex were worth $597,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PAYX. IFM Investors Pty Ltd raised its stake in shares of Paychex by 10.1% during the 2nd quarter. IFM Investors Pty Ltd now owns 53,904 shares of the business services provider’s stock worth $6,138,000 after buying an additional 4,961 shares during the period. Tompkins Financial Corp raised its stake in Paychex by 10.5% in the 2nd quarter. Tompkins Financial Corp now owns 5,547 shares of the business services provider’s stock valued at $631,000 after purchasing an additional 525 shares during the last quarter. Arkadios Wealth Advisors raised its stake in Paychex by 15.3% in the 2nd quarter. Arkadios Wealth Advisors now owns 16,789 shares of the business services provider’s stock valued at $1,912,000 after purchasing an additional 2,223 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in Paychex in the 2nd quarter valued at $357,000. Finally, Atticus Wealth Management LLC raised its stake in Paychex by 17.2% in the 2nd quarter. Atticus Wealth Management LLC now owns 2,046 shares of the business services provider’s stock valued at $233,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 71.80% of the company’s stock.

Paychex Stock Performance

Shares of Paychex stock opened at $117.61 on Friday. The business has a 50-day moving average of $126.54 and a 200 day moving average of $125.33. Paychex, Inc. has a 12 month low of $106.55 and a 12 month high of $141.92. The stock has a market capitalization of $42.37 billion, a price-to-earnings ratio of 30.63, a price-to-earnings-growth ratio of 3.79 and a beta of 1.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.25 and a quick ratio of 1.25.

Paychex (NASDAQ:PAYXGet Rating) last announced its earnings results on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Paychex had a return on equity of 43.65% and a net margin of 30.20%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business posted $0.72 EPS. Paychex’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, sell-side analysts forecast that Paychex, Inc. will post 4.14 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Wednesday, August 10th. Paychex’s dividend payout ratio (DPR) is presently 82.29%.

Insider Transactions at Paychex

In related news, Director Joseph M. Velli sold 4,184 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $113.34, for a total transaction of $474,214.56. Following the transaction, the director now owns 60,531 shares in the company, valued at approximately $6,860,583.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paychex news, VP Robert L. Schrader sold 783 shares of Paychex stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $115.00, for a total value of $90,045.00. Following the transaction, the vice president now directly owns 8,199 shares in the company, valued at approximately $942,885. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph M. Velli sold 4,184 shares of Paychex stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the completion of the sale, the director now owns 60,531 shares in the company, valued at $6,860,583.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,837 shares of company stock valued at $10,539,336. Corporate insiders own 11.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Cowen reduced their price objective on Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, June 30th. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Wednesday, June 29th. Credit Suisse Group dropped their target price on Paychex from $165.00 to $140.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. Barclays dropped their target price on Paychex from $140.00 to $127.00 and set an “equal weight” rating for the company in a report on Thursday, June 30th. Finally, Bank of America dropped their target price on Paychex from $138.00 to $124.00 in a report on Wednesday, June 29th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average target price of $130.75.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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