US Bancorp DE Has $29.73 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

US Bancorp DE lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 221,536 shares of the business services provider’s stock after selling 3,295 shares during the quarter. US Bancorp DE owned 0.06% of Paychex worth $29,728,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Meeder Asset Management Inc. increased its position in shares of Paychex by 286.0% in the second 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 during the last quarter. ORG Partners LLC raised its stake in shares of Paychex by 227.6% during 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 in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Paychex in the 2nd quarter valued at approximately $30,000. Chilton Capital Management LLC bought a new position in shares of Paychex in the first quarter valued at $31,000. Finally, ESL Trust Services LLC acquired a new position in Paychex during the first quarter worth $31,000. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of Paychex stock in a transaction 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 completion of the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at $674,005.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 68,608 shares of company stock valued at $9,384,512 over the last 90 days. 11.40% of the stock is owned by corporate insiders.

Paychex Stock Down 0.2 %

PAYX opened at $139.09 on Friday. The stock has a fifty day moving average of $136.31 and a 200-day moving average of $127.39. The company has a market capitalization of $50.06 billion, a P/E ratio of 29.66, a P/E/G ratio of 3.89 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $108.58 and a fifty-two week high of $144.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

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

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is currently 83.58%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of a number of analyst reports. Stifel Nicolaus lifted their price objective on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Citigroup lifted their price target on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. TD Cowen upped their price objective on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada lifted their target price on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. boosted their target price on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $130.77.

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.