Public Sector Pension Investment Board Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Public Sector Pension Investment Board lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 75.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,816 shares of the business services provider’s stock after buying an additional 5,086 shares during the quarter. Public Sector Pension Investment Board’s holdings in Paychex were worth $1,401,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Meeder Asset Management Inc. increased its position in Paychex by 286.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares in the last quarter. ORG Partners LLC increased its holdings in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 173 shares in the last quarter. ESL Trust Services LLC bought a new position in shares of Paychex during the first quarter valued at $31,000. Chilton Capital Management LLC purchased a new position in shares of Paychex in the 1st quarter worth about $31,000. Finally, American National Bank boosted its stake in Paychex by 166.7% in the 2nd 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. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the transaction, the vice president now directly owns 79,232 shares in the company, valued at $9,793,075.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the completion of the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John B. Gibson sold 12,670 shares of Paychex stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the transaction, the chief executive officer now directly owns 55,745 shares in the company, valued at approximately $6,663,199.85. The disclosure for this sale can be found here. Insiders sold a total of 45,673 shares of company stock valued at $5,636,085 in the last 90 days. Company insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PAYX. TD Cowen lifted their target price on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a report on Thursday, September 12th. Citigroup boosted their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Morgan Stanley cut their target price on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Thursday, June 27th. Finally, Barclays upped their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $125.62.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $140.79 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $50.68 billion, a PE ratio of 30.15, a price-to-earnings-growth ratio of 3.54 and a beta of 1.00. The firm’s 50 day moving average price is $129.53 and its 200-day moving average price is $124.49. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $141.59.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio is presently 83.94%.

Paychex 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.