Kingsview Wealth Management LLC Purchases 711 Shares of Paychex, Inc. (NASDAQ:PAYX)

Kingsview Wealth Management LLC grew its position in Paychex, Inc. (NASDAQ:PAYX) by 1.1% in the third quarter, Holdings Channel.com reports. The fund owned 64,483 shares of the business services provider’s stock after buying an additional 711 shares during the period. Kingsview Wealth Management LLC’s holdings in Paychex were worth $8,653,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of PAYX. Cerity Partners LLC raised its holdings in shares of Paychex by 1.3% in the 3rd quarter. Cerity Partners LLC now owns 359,846 shares of the business services provider’s stock worth $48,288,000 after buying an additional 4,606 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Paychex in the 3rd quarter worth approximately $3,351,000. Allen Capital Group LLC raised its holdings in shares of Paychex by 149.1% in the 3rd quarter. Allen Capital Group LLC now owns 5,850 shares of the business services provider’s stock worth $785,000 after buying an additional 3,502 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of Paychex by 3.8% in the 3rd quarter. Raymond James Trust N.A. now owns 62,107 shares of the business services provider’s stock worth $8,334,000 after buying an additional 2,275 shares in the last quarter. Finally, AlphaCore Capital LLC raised its holdings in shares of Paychex by 10.9% in the 3rd quarter. AlphaCore Capital LLC now owns 5,869 shares of the business services provider’s stock worth $788,000 after buying an additional 575 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Insider Transactions at Paychex

In other news, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the transaction, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 64.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. This represents a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock worth $7,577,231 in the last three months. Insiders own 11.40% of the company’s stock.

Paychex Stock Up 0.3 %

NASDAQ PAYX opened at $144.46 on Friday. The stock has a fifty day moving average of $140.18 and a 200-day moving average of $129.98. The stock has a market capitalization of $51.99 billion, a P/E ratio of 30.80, a price-to-earnings-growth ratio of 3.96 and a beta of 0.99. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $150.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS. On average, equities research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.71%. Paychex’s dividend payout ratio (DPR) is currently 83.58%.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada increased their target price on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Barclays raised 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. Jefferies Financial Group raised their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, TD Cowen raised their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $131.62.

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.