Inlet Private Wealth LLC Boosts Holdings in Paychex, Inc. (NASDAQ:PAYX)

Inlet Private Wealth LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 205.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,355 shares of the business services provider’s stock after acquiring an additional 17,055 shares during the period. Inlet Private Wealth LLC’s holdings in Paychex were worth $3,402,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Meeder Asset Management Inc. lifted its holdings in shares of Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 163 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 173 shares during the period. ESL Trust Services LLC purchased a new position in shares of Paychex during the first quarter worth approximately $31,000. Chilton Capital Management LLC acquired a new position in shares of Paychex in the 1st quarter valued at $31,000. Finally, American National Bank raised its position in Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ:PAYX traded down $0.40 on Thursday, reaching $141.88. 300,291 shares of the company were exchanged, compared to its average volume of 1,802,834. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $144.17. The company has a 50-day moving average of $132.66 and a 200-day moving average of $125.89. The firm has a market cap of $51.07 billion, a price-to-earnings ratio of 30.47, a price-to-earnings-growth ratio of 3.73 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last issued 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 net margin of 31.98% and a return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the business posted $1.14 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.76%. Paychex’s dividend payout ratio is presently 83.94%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Barclays raised 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. Bank of America raised their price target on Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a report on Thursday, June 27th. Robert W. Baird reduced their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. TD Cowen lifted their target price on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus upped their price target on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $130.77.

Insiders Place Their Bets

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the transaction, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the sale, the vice president now owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the transaction, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,162 shares of company stock worth $9,846,185. 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.