Fortitude Family Office LLC Boosts Stake in Paychex, Inc. (NASDAQ:PAYX)

Fortitude Family Office LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 42.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 250 shares of the business services provider’s stock after buying an additional 74 shares during the quarter. Fortitude Family Office LLC’s holdings in Paychex were worth $34,000 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. Brookstone Capital Management lifted its stake in Paychex by 37.6% in the 1st quarter. Brookstone Capital Management now owns 2,418 shares of the business services provider’s stock valued at $297,000 after buying an additional 661 shares in the last quarter. Norden Group LLC acquired a new position in Paychex in the 1st quarter valued at $3,255,000. First Trust Direct Indexing L.P. raised its holdings in Paychex by 17.7% in the 1st quarter. First Trust Direct Indexing L.P. now owns 16,470 shares of the business services provider’s stock valued at $2,023,000 after acquiring an additional 2,471 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Paychex by 5.7% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 10,471 shares of the business services provider’s stock valued at $1,286,000 after acquiring an additional 569 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Paychex by 6.1% in the 1st quarter. Van ECK Associates Corp now owns 74,909 shares of the business services provider’s stock valued at $9,199,000 after acquiring an additional 4,320 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 0.3 %

Shares of NASDAQ PAYX opened at $141.39 on Thursday. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $144.17. The company has a market cap of $50.89 billion, a P/E ratio of 30.15, a P/E/G ratio of 3.86 and a beta of 1.00. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $135.90 and a 200 day moving average price of $127.19.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm earned $1.14 EPS. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.77%. Paychex’s dividend payout ratio is currently 83.58%.

Analyst Ratings Changes

Several research analysts have weighed in on PAYX shares. Stifel Nicolaus boosted their price target on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price target on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Morgan Stanley boosted their price target on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Citigroup upped their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Finally, Royal Bank of Canada upped their price objective on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $130.77.

Read Our Latest Analysis on Paychex

Insider Activity at Paychex

In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total value of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at $674,005.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Paychex news, VP Michael E. Gioja sold 14,731 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 68,608 shares of company stock worth $9,384,512. Corporate insiders own 11.40% of the company’s stock.

About Paychex

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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