GSB Wealth Management LLC Sells 475 Shares of Paychex, Inc. (NASDAQ:PAYX)

GSB Wealth Management LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,069 shares of the business services provider’s stock after selling 475 shares during the quarter. GSB Wealth Management LLC’s holdings in Paychex were worth $680,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. raised 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 purchasing an additional 163 shares during the last quarter. ORG Partners LLC raised its position in Paychex by 227.6% in the 2nd 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. ESL Trust Services LLC bought a new position in Paychex in the 1st quarter valued at $31,000. Fortitude Family Office LLC raised its position in Paychex by 42.0% in the 3rd 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 during the last quarter. Finally, Chilton Capital Management LLC acquired a new stake in shares of Paychex in the 1st quarter valued at $31,000. Institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total value of $1,807,281.14. Following the transaction, the director now owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the company’s 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 completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,608 shares of company stock worth $9,384,512. Corporate insiders own 11.40% of the company’s stock.

Paychex Stock Performance

Shares of Paychex stock opened at $141.90 on Wednesday. The firm has a market cap of $51.07 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 3.86 and a beta of 1.00. The stock’s 50-day moving average is $135.61 and its 200-day moving average is $127.09. Paychex, Inc. has a one year low of $106.27 and a one year high of $144.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

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

Paychex Dividend Announcement

The business also recently announced 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 is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.76%. Paychex’s payout ratio is presently 83.58%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PAYX shares. Royal Bank of Canada lifted their target price on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their target price on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group lifted their target price on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lifted their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Finally, UBS Group lifted their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average 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.