Tyche Wealth Partners LLC Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Tyche Wealth Partners LLC lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,277 shares of the business services provider’s stock after selling 125 shares during the period. Tyche Wealth Partners LLC’s holdings in Paychex were worth $440,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PAYX. Abich Financial Wealth Management LLC boosted its stake in Paychex by 22.5% in the third quarter. Abich Financial Wealth Management LLC now owns 1,481 shares of the business services provider’s stock valued at $199,000 after acquiring an additional 272 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of Paychex by 42.0% during 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. China Universal Asset Management Co. Ltd. increased its holdings in Paychex by 110.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,563 shares of the business services provider’s stock worth $612,000 after acquiring an additional 2,399 shares during the last quarter. Boston Financial Mangement LLC purchased a new stake in Paychex during the third quarter valued at about $224,000. Finally, abrdn plc boosted its position in Paychex by 6.8% during the third quarter. abrdn plc now owns 128,827 shares of the business services provider’s stock worth $17,313,000 after purchasing an additional 8,221 shares during the period. 83.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PAYX has been the topic of several analyst reports. Barclays upped their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. Citigroup lifted their price target on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Stifel Nicolaus upped their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. TD Cowen boosted their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley lifted their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus price target of $130.77.

Paychex Trading Up 0.2 %

Paychex stock traded up $0.24 during mid-day trading on Tuesday, reaching $140.51. 298,243 shares of the company traded hands, compared to its average volume of 1,780,197. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $144.17. The firm has a market capitalization of $50.57 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 3.86 and a beta of 1.00. The firm’s 50 day moving average price is $135.28 and its 200 day moving average price is $126.95.

Paychex (NASDAQ:PAYX) last released its quarterly 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 net margin of 31.98% and a return on equity of 45.97%. The company 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 firm earned $1.14 earnings per share. Paychex’s revenue was up 2.5% on a year-over-year basis. On average, analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.79%. Paychex’s dividend payout ratio (DPR) is currently 83.58%.

Insiders Place Their Bets

In other news, 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 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 0.00 % 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. In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael E. Gioja sold 14,731 shares of the business’s stock in a transaction 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 owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,608 shares of company stock worth $9,384,512. 11.40% of the stock is currently owned by company insiders.

Paychex 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.