Creative Planning Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Creative Planning lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,033 shares of the business services provider’s stock after selling 109 shares during the quarter. Creative Planning’s holdings in Paychex were worth $13,164,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. 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 during the period. ORG Partners LLC increased its position 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 during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Paychex during the 2nd quarter worth $30,000. Chilton Capital Management LLC purchased a new position in shares of Paychex in the 1st quarter worth about $31,000. Finally, ESL Trust Services LLC bought a new position in Paychex during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other 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 in the company, valued at approximately $676,104.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, 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 transaction of $1,514,445.10. Following the sale, the chief executive officer now owns 55,745 shares in the company, valued at approximately $6,663,199.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction on 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 sale, the director now directly owns 5,383 shares of the company’s stock, valued at $676,104.80. The disclosure for this sale can be found here. Insiders sold a total of 45,673 shares of company stock worth $5,636,085 over the last ninety days. 11.50% of the stock is owned by corporate insiders.

Paychex Stock Performance

Paychex stock opened at $140.79 on Wednesday. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $141.59. 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 has a market capitalization of $50.68 billion, a PE ratio of 30.15, a price-to-earnings-growth ratio of 3.54 and a beta of 1.00. The firm’s 50 day simple moving average is $129.53 and its 200 day simple moving average is $124.49.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 8th were given a $0.98 dividend. The ex-dividend date was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.78%. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Citigroup increased their price objective on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Finally, TD Cowen lifted their price objective on Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a report on Thursday, September 12th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $125.62.

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.