Asset Management Group Inc. Sells 1,709 Shares of Paychex, Inc. (NASDAQ:PAYX)

Asset Management Group Inc. trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 17.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,857 shares of the business services provider’s stock after selling 1,709 shares during the quarter. Asset Management Group Inc.’s holdings in Paychex were worth $932,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Summit Trail Advisors LLC raised its stake in Paychex by 5.1% during the second quarter. Summit Trail Advisors LLC now owns 5,591 shares of the business services provider’s stock valued at $663,000 after purchasing an additional 269 shares in the last quarter. Sei Investments Co. raised its position in shares of Paychex by 1.8% during the 2nd quarter. Sei Investments Co. now owns 112,093 shares of the business services provider’s stock valued at $13,290,000 after buying an additional 1,980 shares in the last quarter. Pacer Advisors Inc. increased its stake in Paychex by 45.0% during the second quarter. Pacer Advisors Inc. now owns 72,329 shares of the business services provider’s stock worth $8,575,000 after acquiring an additional 22,457 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Paychex by 27.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 369,125 shares of the business services provider’s stock valued at $43,727,000 after purchasing an additional 80,427 shares during the period. Finally, Ranch Capital Advisors Inc. lifted its stake in shares of Paychex by 0.6% in the 2nd quarter. Ranch Capital Advisors Inc. now owns 18,673 shares of the business services provider’s stock valued at $2,214,000 after purchasing an additional 103 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Paychex Stock Up 0.1 %

Shares of Paychex stock opened at $133.26 on Friday. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $137.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market cap of $47.97 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 3.58 and a beta of 1.00. The firm’s 50-day moving average is $128.03 and its two-hundred day moving average is $123.80.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. The company had revenue of $1.30 billion for 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%. Paychex’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $0.97 earnings per share. As a group, research analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 8th were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is currently 83.94%.

Insider Buying and Selling at Paychex

In other news, Director David J. S. Flaschen sold 9,615 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction dated 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 completion of 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Insiders have sold 147,163 shares of company stock worth $17,537,817 over the last quarter. Insiders own 11.50% of the company’s stock.

Analyst Ratings Changes

PAYX has been the topic of several analyst reports. 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 report on Thursday, June 27th. Robert W. Baird lowered their target price on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Bank of America upped their price target on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Finally, TD Cowen increased their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $123.00.

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.