New Century Financial Group LLC Boosts Stock Position in Paychex, Inc. (NASDAQ:PAYX)

New Century Financial Group LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 158.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,116 shares of the business services provider’s stock after purchasing an additional 3,137 shares during the period. New Century Financial Group LLC’s holdings in Paychex were worth $607,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Founders Financial Alliance LLC purchased a new position in shares of Paychex during the second quarter valued at approximately $235,000. 3Chopt Investment Partners LLC acquired a new position in Paychex in the 2nd quarter valued at $397,000. IMS Capital Management boosted its holdings in shares of Paychex by 3.3% during the second quarter. IMS Capital Management now owns 17,000 shares of the business services provider’s stock worth $2,129,000 after purchasing an additional 540 shares during the last quarter. HWG Holdings LP purchased a new stake in shares of Paychex in the second quarter valued at $63,000. Finally, Chase Investment Counsel Corp grew its position in shares of Paychex by 7.9% in the second quarter. Chase Investment Counsel Corp now owns 3,566 shares of the business services provider’s stock valued at $422,000 after purchasing an additional 260 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PAYX shares. Barclays raised their price target on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Citigroup raised their target price on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Bank of America upped their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Robert W. Baird decreased their price target on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and a consensus target price of $125.62.

Paychex Stock Up 0.9 %

Shares of NASDAQ PAYX opened at $134.19 on Tuesday. The stock has a fifty day moving average price of $129.19 and a 200 day moving average price of $124.34. The company has a market cap of $48.30 billion, a P/E ratio of 28.73, a P/E/G ratio of 3.54 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.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 8th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.92%. The ex-dividend date was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of the stock in a transaction that occurred on 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 sale, the director now owns 5,383 shares of the company’s stock, valued at $674,005.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO John B. Gibson sold 12,670 shares of the business’s 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 transaction, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 14,434 shares of the 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 approximately $674,005.43. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,673 shares of company stock valued at $5,636,085. Corporate insiders own 11.50% of the company’s stock.

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.