Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,102,254 shares of the business services provider’s stock after selling 18,274 shares during the quarter. Paychex comprises approximately 2.1% of Confluence Investment Management LLC’s portfolio, making the stock its 4th biggest holding. Confluence Investment Management LLC owned approximately 0.31% of Paychex worth $154,558,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in PAYX. Rothschild Investment LLC acquired a new stake in shares of Paychex during the second quarter worth $85,000. D.A. Davidson & CO. boosted its stake in Paychex by 13.2% in the 2nd quarter. D.A. Davidson & CO. now owns 34,030 shares of the business services provider’s stock worth $4,033,000 after buying an additional 3,973 shares during the last quarter. Natixis Advisors LLC grew its holdings in Paychex by 9.0% in the 2nd quarter. Natixis Advisors LLC now owns 98,546 shares of the business services provider’s stock valued at $11,684,000 after buying an additional 8,174 shares during the period. Allegheny Financial Group LTD increased its stake in shares of Paychex by 51.4% during the 2nd quarter. Allegheny Financial Group LTD now owns 3,007 shares of the business services provider’s stock valued at $357,000 after acquiring an additional 1,021 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Paychex during the 2nd quarter worth about $409,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Down 0.6 %

Paychex stock traded down $0.81 during midday trading on Thursday, hitting $139.41. 361,861 shares of the company were exchanged, compared to its average volume of 1,809,364. The company has a market cap of $50.20 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The company’s fifty day moving average price is $142.56 and its 200-day moving average price is $133.73. 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 posted its earnings results on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The business had revenue of $1.32 billion for 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 for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.08 earnings per share. On average, research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were paid a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.81%. Paychex’s dividend payout ratio is presently 82.53%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. TD Cowen upped their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Barclays upped their price objective on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, December 23rd. JPMorgan Chase & Co. lifted their target price on Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a report on Tuesday, November 19th. Stifel Nicolaus upped their price target on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley lifted their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and a consensus price target of $132.23.

Insider Transactions at Paychex

In related news, VP Michael E. Gioja sold 14,731 shares of Paychex stock in a transaction on Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at approximately $2,020,197.70. The trade was a 50.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is currently owned by insiders.

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.