Foresight Wealth Management LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,930 shares of the business services provider’s stock, valued at approximately $235,000.

A number of other large investors have also modified their holdings of PAYX. We Are One Seven LLC bought a new stake in shares of Paychex during the 4th quarter valued at about $25,000. Liberty Wealth Management LLC bought a new stake in shares of Paychex during the 4th quarter valued at about $25,000. TCI Wealth Advisors Inc. grew its stake in shares of Paychex by 404.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 255 shares during the period. Baldwin Brothers Inc. MA bought a new stake in shares of Paychex during the 4th quarter valued at about $27,000. Finally, Ellevest Inc. bought a new stake in shares of Paychex during the 1st quarter valued at about $27,000. 68.77% of the stock is owned by institutional investors and hedge funds.

In other Paychex news, Director Pamela A. Joseph sold 15,052 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $84.39, for a total value of $1,270,238.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Martin Mucci sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $76.00, for a total value of $3,800,000.00. Following the completion of the transaction, the chief executive officer now owns 349,929 shares of the company’s stock, valued at $26,594,604. The disclosure for this sale can be found here. Insiders sold a total of 170,234 shares of company stock valued at $13,681,674 over the last 90 days. 11.80% of the stock is currently owned by corporate insiders.

PAYX stock traded up $0.69 during midday trading on Wednesday, hitting $84.88. The company’s stock had a trading volume of 20,597 shares, compared to its average volume of 1,583,358. Paychex, Inc. has a 12 month low of $61.32 and a 12 month high of $85.17. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $30.01 billion, a price-to-earnings ratio of 33.23, a PEG ratio of 3.25 and a beta of 1.04.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the company posted $0.63 EPS. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. Sell-side analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.92%. This is an increase from Paychex’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, May 14th. Paychex’s dividend payout ratio is presently 87.84%.

A number of research firms have issued reports on PAYX. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Barclays boosted their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. Finally, Credit Suisse Group boosted their price target on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus price target of $74.14.

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Paychex Company Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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