Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,043 shares of the business services provider’s stock after acquiring an additional 178 shares during the period. King Luther Capital Management Corp’s holdings in Paychex were worth $1,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. TrinityPoint Wealth LLC lifted its holdings in Paychex by 17.3% in the 4th quarter. TrinityPoint Wealth LLC now owns 4,181 shares of the business services provider’s stock valued at $498,000 after acquiring an additional 617 shares during the last quarter. Norges Bank acquired a new stake in Paychex during the 4th quarter worth about $33,812,000. Assetmark Inc. grew its stake in Paychex by 10.3% during the 4th quarter. Assetmark Inc. now owns 6,743 shares of the business services provider’s stock valued at $803,000 after acquiring an additional 632 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Paychex in the 4th quarter valued at about $894,000. Finally, Congress Wealth Management LLC DE purchased a new stake in shares of Paychex in the fourth quarter worth approximately $507,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Trading Up 0.1 %

Shares of PAYX stock opened at $133.26 on Monday. The business’s 50 day moving average is $128.03 and its two-hundred day moving average is $123.85. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12 month low of $106.27 and a 12 month high of $137.40. The company has a market cap of $47.97 billion, a PE ratio of 28.54, a price-to-earnings-growth ratio of 3.58 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the firm posted $0.97 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

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

Analyst Upgrades and Downgrades

PAYX has been the topic of several research reports. Bank of America upped their price objective on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Thursday, June 27th. Barclays dropped their target price on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Monday, July 1st. JPMorgan Chase & Co. lifted 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. Finally, Robert W. Baird dropped their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $123.00.

Insiders Place Their Bets

In other news, Chairman Martin Mucci sold 101,490 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John B. Gibson sold 12,670 shares of Paychex stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total value of $1,514,445.10. Following the sale, the chief executive officer now directly owns 55,745 shares in the company, valued at $6,663,199.85. The disclosure for this sale can be found here. Insiders have sold a total of 147,163 shares of company stock valued at $17,537,817 in the last three months. Company insiders own 11.50% of the company’s stock.

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.