Central Pacific Bank Trust Division Trims Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Central Pacific Bank Trust Division cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,181 shares of the business services provider’s stock after selling 96 shares during the period. Central Pacific Bank Trust Division’s holdings in Paychex were worth $2,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CVA Family Office LLC increased its position in shares of Paychex by 5.6% during the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after purchasing an additional 74 shares during the last quarter. Fortitude Family Office LLC increased its position 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 valued at $34,000 after acquiring an additional 74 shares during the last quarter. Kanawha Capital Management LLC lifted its holdings in shares of Paychex by 1.8% in the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after acquiring an additional 75 shares during the last quarter. Baron Wealth Management LLC boosted its position in shares of Paychex by 2.2% during the 3rd quarter. Baron Wealth Management LLC now owns 3,628 shares of the business services provider’s stock worth $487,000 after purchasing an additional 79 shares during the period. Finally, Daymark Wealth Partners LLC increased its holdings in Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock valued at $1,167,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on PAYX shares. Morgan Stanley raised their price target on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. UBS Group raised their target price on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. TD Cowen raised their price objective on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus target price of $132.23.

Paychex Stock Up 0.9 %

Shares of NASDAQ PAYX traded up $1.24 during midday trading on Friday, hitting $139.74. 361,557 shares of the company’s stock were exchanged, compared to its average volume of 974,288. The firm’s fifty day simple moving average is $142.50 and its 200-day simple moving average is $133.76. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $50.32 billion, a PE ratio of 29.80, a P/E/G ratio of 3.88 and a beta of 0.99. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71.

Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business posted $1.08 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Thursday, November 7th. Paychex’s dividend payout ratio is currently 82.53%.

Insider Activity

In related news, CFO Robert L. Schrader sold 13,015 shares of the business’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 owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 42.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company’s stock.

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.