Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Syntax Research Inc.

Syntax Research Inc. lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 34.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,238 shares of the business services provider’s stock after selling 1,188 shares during the quarter. Syntax Research Inc.’s holdings in Paychex were worth $267,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PAYX. ST Germain D J Co. Inc. acquired a new stake in Paychex during the 2nd quarter worth approximately $26,000. OFI Invest Asset Management acquired a new stake in Paychex in the third quarter valued at approximately $26,000. Carmel Capital Partners LLC acquired a new stake in Paychex in the third quarter valued at approximately $28,000. Larson Financial Group LLC grew its position in Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. acquired a new stake in Paychex in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Performance

PAYX traded up $1.25 during trading hours on Monday, hitting $124.25. 356,696 shares of the stock were exchanged, compared to its average volume of 1,771,946. The stock has a 50-day simple moving average of $122.23 and a 200-day simple moving average of $120.09. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70. The stock has a market cap of $44.73 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 3.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.01. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business posted $1.29 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts anticipate that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s payout ratio is 77.56%.

Paychex announced that its board has initiated a share repurchase plan on Friday, January 19th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PAYX shares. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Stifel Nicolaus increased their price objective on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research report on Friday, December 22nd. TD Cowen lowered their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Finally, Citigroup lowered their price objective on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.00.

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the sale, the vice president now directly owns 82,690 shares in the company, valued at $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.50% of the stock is currently owned by company insiders.

Paychex Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.