Summit Wealth Partners LLC Has $410,000 Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Summit Wealth Partners LLC lessened its stake in Paychex, Inc. (NASDAQ:PAYX) by 21.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,457 shares of the business services provider’s stock after selling 935 shares during the quarter. Summit Wealth Partners LLC’s holdings in Paychex were worth $410,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in Paychex in the 2nd quarter worth approximately $10,038,000. Clear Rock Advisors LLC lifted its stake in shares of Paychex by 5.4% during the second quarter. Clear Rock Advisors LLC now owns 23,139 shares of the business services provider’s stock valued at $2,743,000 after acquiring an additional 1,195 shares during the period. New Century Financial Group LLC boosted its holdings in Paychex by 158.5% in the second quarter. New Century Financial Group LLC now owns 5,116 shares of the business services provider’s stock valued at $607,000 after acquiring an additional 3,137 shares during the last quarter. Founders Financial Alliance LLC acquired a new stake in Paychex in the second quarter worth about $235,000. Finally, 3Chopt Investment Partners LLC bought a new stake in Paychex during the 2nd quarter worth about $397,000. 83.47% of the stock is owned by institutional investors.

Paychex Price Performance

Paychex stock opened at $140.79 on Wednesday. The firm has a market cap 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 company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The stock’s fifty day moving average price is $129.53 and its two-hundred day moving average price is $124.49. Paychex, Inc. has a one year low of $106.27 and a one year high of $141.59.

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 paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, August 8th. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Robert W. Baird reduced their target price on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Barclays boosted their price target on shares of Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a 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 research note on Thursday, June 27th. TD Cowen increased their price objective on shares of Paychex from $121.00 to $126.00 and gave the stock a “hold” rating in a research report on Thursday, September 12th. 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 report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, Paychex currently has a consensus rating of “Hold” and an average price target of $125.62.

Insiders Place Their Bets

In related news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction that occurred 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 directly owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $674,005.43. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 8,954 shares of the 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 completion of the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at $9,793,075.20. The disclosure for this sale can be found here. Insiders have sold 45,673 shares of company stock worth $5,636,085 over the last ninety days. 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.