Paychex, Inc. (NASDAQ:PAYX) Stock Position Raised by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,435 shares of the business services provider’s stock after acquiring an additional 441 shares during the period. Oppenheimer & Co. Inc.’s holdings in Paychex were worth $2,660,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. ORG Partners LLC boosted its stake in shares of Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Paychex in the 2nd quarter valued at $30,000. Chilton Capital Management LLC purchased a new position in Paychex in the 1st quarter worth about $31,000. ESL Trust Services LLC acquired a new stake in Paychex during the 1st quarter worth about $31,000. Finally, American National Bank lifted its stake in Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after buying an additional 180 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Paychex Stock Up 0.1 %

Shares of NASDAQ:PAYX opened at $135.19 on Tuesday. The company has a 50 day moving average of $126.74 and a 200-day moving average of $123.51. Paychex, Inc. has a one year low of $106.27 and a one year high of $137.40. The stock has a market cap of $48.63 billion, a price-to-earnings ratio of 28.95, a P/E/G ratio of 3.55 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 (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.97 EPS. On average, sell-side analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is currently 83.94%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. TD Cowen lifted their price objective on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley reduced their price objective on Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Barclays reduced their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Finally, Bank of America boosted their price objective on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $123.00.

Insider Transactions at Paychex

In other news, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $125.60, for a total value of $1,207,644.00. Following the completion of the sale, 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 document filed with the SEC, which is accessible through this hyperlink. In related news, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $676,104.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. S. Flaschen sold 14,434 shares of the business’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. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,163 shares of company stock worth $17,537,817. 11.50% of the stock is currently owned by company insiders.

Paychex Company 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.