Hollencrest Capital Management Cuts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Hollencrest Capital Management lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 26.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 964 shares of the business services provider’s stock after selling 349 shares during the period. Hollencrest Capital Management’s holdings in Paychex were worth $129,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CVA Family Office LLC boosted its stake in shares of Paychex by 5.6% in the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after acquiring an additional 74 shares during the last quarter. Fortitude Family Office LLC grew its holdings in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after buying an additional 74 shares in the last quarter. Kanawha Capital Management LLC raised its position in shares of Paychex by 1.8% in the third quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock valued at $575,000 after buying an additional 75 shares during the last quarter. Daymark Wealth Partners LLC lifted its stake in shares of Paychex by 0.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock worth $1,167,000 after buying an additional 82 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its stake in Paychex by 1.2% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock valued at $873,000 after acquiring an additional 85 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction 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 approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction dated 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 sale, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 of the company’s stock, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,174 shares of company stock worth $7,577,231 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $148.57 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a fifty-two week low of $113.70 and a fifty-two week high of $149.26. The company has a market cap of $53.47 billion, a P/E ratio of 31.68, a PEG ratio of 4.08 and a beta of 0.99. The firm’s 50 day moving average price is $137.75 and its 200 day moving average price is $128.25.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. The firm 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 revenue was up 2.5% compared to the same quarter last year. During the same period last year, the business posted $1.14 earnings per share. On average, research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company 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. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.64%. Paychex’s dividend payout ratio is currently 83.58%.

Analyst Upgrades and Downgrades

PAYX has been the subject of a number of analyst reports. Jefferies Financial Group upped their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their target price on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Citigroup upped their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Finally, TD Cowen lifted their target price on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $130.77.

Paychex Company 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.