Summit Trail Advisors LLC Buys 269 Shares of Paychex, Inc. (NASDAQ:PAYX)

Summit Trail Advisors LLC grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 5.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,591 shares of the business services provider’s stock after buying an additional 269 shares during the quarter. Summit Trail Advisors LLC’s holdings in Paychex were worth $663,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PAYX. Commerzbank Aktiengesellschaft FI raised its stake in Paychex by 1.2% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock worth $873,000 after acquiring an additional 85 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Paychex by 3.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider’s stock worth $312,000 after buying an additional 92 shares during the period. Rockland Trust Co. increased its stake in Paychex by 1.1% in the 1st quarter. Rockland Trust Co. now owns 9,074 shares of the business services provider’s stock worth $1,114,000 after buying an additional 98 shares in the last quarter. KCM Investment Advisors LLC raised its holdings in Paychex by 3.2% during the first quarter. KCM Investment Advisors LLC now owns 3,190 shares of the business services provider’s stock valued at $392,000 after acquiring an additional 98 shares during the period. Finally, Rocky Mountain Advisers LLC raised its holdings in Paychex by 3.3% during the first quarter. Rocky Mountain Advisers LLC now owns 3,168 shares of the business services provider’s stock valued at $389,000 after acquiring an additional 100 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.1 %

Shares of NASDAQ PAYX opened at $133.26 on Monday. The stock has a market capitalization of $47.97 billion, a price-to-earnings ratio of 28.54, a P/E/G ratio of 3.58 and a beta of 1.00. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $137.40. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $128.03 and its 200-day moving average price is $123.85.

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 analysts’ consensus estimates of $1.10 by $0.02. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 earnings per share. On average, equities research analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Morgan Stanley cut their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Bank of America boosted their target price on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. Robert W. Baird cut their target price on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Finally, Barclays reduced their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Monday, July 1st. Two equities 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, the company presently has an average rating of “Hold” and an average target price of $123.00.

Insider Buying and Selling at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the transaction, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director David J. S. Flaschen sold 9,615 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 5,383 shares in the company, valued at $676,104.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. 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.

Paychex 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.