Troy Asset Management Ltd Has $126 Million Stake in Paychex, Inc. (NASDAQ:PAYX)

Troy Asset Management Ltd cut its position in Paychex, Inc. (NASDAQ:PAYX) by 10.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,062,769 shares of the business services provider’s stock after selling 118,525 shares during the period. Paychex comprises about 4.1% of Troy Asset Management Ltd’s portfolio, making the stock its 6th largest position. Troy Asset Management Ltd owned approximately 0.30% of Paychex worth $126,002,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after acquiring an additional 163 shares in the last quarter. ORG Partners LLC lifted its holdings 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 valued at $29,000 after purchasing 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 approximately $30,000. Chilton Capital Management LLC bought a new stake in Paychex during the 1st quarter worth approximately $31,000. Finally, ESL Trust Services LLC acquired a new stake in Paychex during the 1st quarter worth approximately $31,000. 83.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PAYX shares. Morgan Stanley reduced their price target 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. TD Cowen increased their target price on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a report on Thursday, September 12th. Citigroup boosted their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Barclays upped their price objective on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Finally, 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 report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $125.62.

Insider Activity

In related news, CEO John B. Gibson sold 12,670 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the completion of the sale, the chief executive officer now directly owns 55,745 shares in the company, valued at approximately $6,663,199.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John B. Gibson sold 12,670 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were 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 of the company’s stock, valued at approximately $6,663,199.85. The disclosure for this sale can be found here. Insiders sold a total of 45,673 shares of company stock valued at $5,636,085 in the last quarter. Company insiders own 11.50% of the company’s stock.

Paychex Trading Up 0.9 %

NASDAQ PAYX opened at $134.19 on Tuesday. 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 stock has a 50 day moving average of $129.19 and a 200-day moving average of $124.34. The company has a market cap of $48.30 billion, a PE ratio of 28.73, a PEG ratio of 3.54 and a beta of 1.00.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio is currently 83.94%.

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.