Alpha Omega Wealth Management LLC Reduces Holdings in Paychex, Inc. (NASDAQ:PAYX)

Alpha Omega Wealth Management LLC decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,782 shares of the business services provider’s stock after selling 265 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Paychex were worth $373,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PAYX. Meeder Asset Management Inc. lifted its holdings in shares of 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 purchasing an additional 163 shares during the period. ORG Partners LLC lifted its holdings in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Paychex during the second quarter worth about $30,000. Chilton Capital Management LLC acquired a new stake in shares of Paychex during the first quarter worth about $31,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Paychex during the first quarter worth about $31,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Shares of PAYX stock traded down $0.71 during trading hours on Friday, hitting $138.65. 1,776,714 shares of the company’s stock were exchanged, compared to its average volume of 1,834,330. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm has a market cap of $49.91 billion, a P/E ratio of 29.69, a P/E/G ratio of 3.52 and a beta of 1.00. The firm has a 50 day moving average of $130.45 and a two-hundred day moving average of $124.83. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $142.04.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the company posted $1.14 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. Sell-side analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The company 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 dividend yield of 2.83%. The ex-dividend date was Thursday, August 8th. Paychex’s payout ratio is 83.94%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PAYX shares. TD Cowen lifted their target price on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Wednesday. UBS Group lifted their target price on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. 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. Finally, Jefferies Financial Group boosted their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. According to MarketBeat, Paychex currently has a consensus rating of “Hold” and a consensus price target of $130.77.

Insider Buying and Selling

In related news, Director David J. S. Flaschen sold 9,615 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paychex news, Director David J. S. Flaschen sold 9,615 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 5,383 shares in the company, valued at $676,104.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John B. Gibson sold 12,670 shares of the company’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 completion of the sale, the chief executive officer now owns 55,745 shares of the company’s stock, valued at approximately $6,663,199.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,673 shares of company stock worth $5,636,085. 11.50% of the stock is owned by corporate insiders.

Paychex Company 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.