Daiwa Securities Group Inc. Acquires 7,334 Shares of Paychex, Inc. (NASDAQ:PAYX)

Daiwa Securities Group Inc. raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 10.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,916 shares of the business services provider’s stock after buying an additional 7,334 shares during the period. Daiwa Securities Group Inc.’s holdings in Paychex were worth $10,321,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Meeder Asset Management Inc. lifted its holdings in Paychex by 286.0% during 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 lifted its stake in shares of Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after buying an additional 173 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Paychex during the 2nd quarter worth about $30,000. American National Bank grew its stake 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 buying an additional 180 shares during the last quarter. Finally, Fortitude Family Office LLC grew its stake in Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after buying an additional 74 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Up 0.3 %

Shares of NASDAQ:PAYX opened at $144.46 on Monday. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71. The company has a market capitalization of $51.99 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 3.97 and a beta of 0.99. 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 company has a fifty day moving average of $140.18 and a 200-day moving average of $130.04.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the firm earned $1.14 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Dividend Announcement

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

Insider Transactions at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael E. Gioja sold 14,731 shares of Paychex stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the transaction, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,020,197.70. This represents a 50.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,174 shares of company stock worth $7,577,231. Company insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PAYX shares. UBS Group boosted their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Barclays upped their price objective on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. lifted 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. Stifel Nicolaus boosted their target price on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada raised their price target on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average 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.