Summit Wealth Partners LLC Sells 935 Shares of Paychex, Inc. (NASDAQ:PAYX)

Summit Wealth Partners LLC trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 21.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,457 shares of the business services provider’s stock after selling 935 shares during the period. Summit Wealth Partners LLC’s holdings in Paychex were worth $410,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Bank of Nova Scotia lifted its position in shares of Paychex by 13.9% during the 4th quarter. Bank of Nova Scotia now owns 82,955 shares of the business services provider’s stock worth $9,880,000 after buying an additional 10,143 shares in the last quarter. Rafferty Asset Management LLC grew its position in Paychex by 14.3% during the fourth quarter. Rafferty Asset Management LLC now owns 112,269 shares of the business services provider’s stock valued at $13,372,000 after buying an additional 14,048 shares during the period. Carmignac Gestion raised its position in Paychex by 10.5% in the fourth quarter. Carmignac Gestion now owns 18,763 shares of the business services provider’s stock worth $2,235,000 after acquiring an additional 1,777 shares during the period. CIBC Private Wealth Group LLC boosted its stake in Paychex by 2.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 33,639 shares of the business services provider’s stock valued at $4,007,000 after acquiring an additional 797 shares during the last quarter. Finally, Capital International Investors grew its position in shares of Paychex by 9.0% during the 4th quarter. Capital International Investors now owns 18,504,389 shares of the business services provider’s stock valued at $2,204,115,000 after acquiring an additional 1,523,520 shares during the period. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total value of $1,807,281.14. Following the sale, the director now owns 5,383 shares in the company, valued at approximately $674,005.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $125.60, for a total value of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The disclosure for this sale can be found here. Insiders sold 45,673 shares of company stock valued at $5,636,085 over the last quarter. 11.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on PAYX shares. TD Cowen lifted their price target on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. increased their target price on shares of Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Citigroup raised 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 price target on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Finally, Bank of America raised their target price on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $125.62.

Paychex Stock Up 4.9 %

Shares of NASDAQ:PAYX opened at $140.79 on Wednesday. The stock’s 50-day moving average is $129.53 and its 200 day moving average is $124.49. The company has a market cap of $50.68 billion, a PE ratio of 30.15, a P/E/G ratio of 3.54 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $141.59.

Paychex Dividend Announcement

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

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.