Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Clarkston Capital Partners LLC

Clarkston Capital Partners LLC boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 207,223 shares of the business services provider’s stock after acquiring an additional 1,964 shares during the period. Clarkston Capital Partners LLC owned 0.06% of Paychex worth $27,807,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its position in shares of Paychex by 286.0% during 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 boosted its position 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 during the period. Strategic Financial Concepts LLC purchased a new stake in Paychex in the second quarter valued at approximately $30,000. American National Bank lifted its stake in Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after purchasing an additional 180 shares in the last quarter. Finally, Fortitude Family Office LLC grew its stake 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 buying an additional 74 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Stock Performance

Shares of Paychex stock opened at $142.96 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $139.30 and its two-hundred day moving average is $129.26. The firm has a market capitalization of $51.45 billion, a P/E ratio of 30.48, a P/E/G ratio of 3.93 and a beta of 0.99. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $150.71.

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, topping the consensus estimate 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 quarter last year, the company posted $1.14 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

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

Insider Activity

In other news, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This represents a 42.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PAYX shares. Barclays increased their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. TD Cowen increased 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. Jefferies Financial Group boosted their target price on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus increased their price target on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley boosted their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus 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.