Paychex, Inc. (NASDAQ:PAYX) Holdings Raised by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,483 shares of the business services provider’s stock after purchasing 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 SEC filing.

Other large investors have also recently bought and sold shares of the company. Czech National Bank raised its position in Paychex by 8.3% during the second quarter. Czech National Bank now owns 61,049 shares of the business services provider’s stock valued at $7,238,000 after buying an additional 4,703 shares during the period. BDF Gestion acquired a new position in Paychex during the second quarter valued at $2,796,000. PGGM Investments raised its position in Paychex by 57.7% during the second quarter. PGGM Investments now owns 21,703 shares of the business services provider’s stock valued at $2,573,000 after buying an additional 7,943 shares during the period. DNB Asset Management AS raised its position in Paychex by 6.6% during the second quarter. DNB Asset Management AS now owns 64,580 shares of the business services provider’s stock valued at $7,657,000 after buying an additional 4,001 shares during the period. Finally, Raymond James & Associates raised its position in Paychex by 27.4% during the third quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock valued at $132,636,000 after buying an additional 212,700 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $144.46 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $51.99 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 3.96 and a beta of 0.99. The business’s 50-day simple moving average is $140.18 and its 200-day simple moving average is $129.98. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm posted $1.14 EPS. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a yield of 2.71%. Paychex’s payout ratio is 83.58%.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This represents a 50.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. The trade was a 42.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,174 shares of company stock worth $7,577,231 in the last 90 days. 11.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PAYX has been the topic of several recent analyst reports. Jefferies Financial Group upped their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Citigroup upped their target price on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Royal Bank of Canada upped their target price on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their target price on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus upped their target price on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, Paychex has a consensus rating of “Hold” and an average price target 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.