Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 35.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,104 shares of the business services provider’s stock after buying an additional 551 shares during the period. GAMMA Investing LLC’s holdings in Paychex were worth $258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PAYX. Fortis Group Advisors LLC purchased a new position in Paychex in the 3rd quarter valued at about $34,000. Clear Investment Research LLC boosted its position in Paychex by 55.8% in the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after buying an additional 110 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in Paychex in the 4th quarter valued at about $40,000. Tidemark LLC purchased a new position in Paychex in the 4th quarter valued at about $40,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in Paychex in the 4th quarter valued at about $41,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $124.55, for a total value of $2,454,755.95. Following the sale, the director now owns 5,383 shares in the company, valued at $670,452.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. TD Cowen decreased 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Tuesday, May 21st. Bank of America increased their price target on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Wedbush reaffirmed a “neutral” rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat, Paychex has an average rating of “Hold” and an average price target of $123.00.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $125.08 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $122.22 and its two-hundred day moving average price is $122.08. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $129.70. The stock has a market capitalization of $45.02 billion, a P/E ratio of 27.25, a P/E/G ratio of 3.48 and a beta of 0.96.

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

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were paid a $0.98 dividend. The ex-dividend date was Thursday, May 9th. This represents a $3.92 annualized dividend and a dividend yield of 3.13%. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio (DPR) is presently 85.40%.

About Paychex

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.