Buckingham Capital Management Inc. Has $1.39 Million Stake in Paychex, Inc. (PAYX)

Buckingham Capital Management Inc. trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 4.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 17,306 shares of the business services provider’s stock after selling 819 shares during the period. Buckingham Capital Management Inc.’s holdings in Paychex were worth $1,388,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mid Atlantic Financial Management Inc. ADV raised its position in Paychex by 34.8% during the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 4,416 shares of the business services provider’s stock valued at $354,000 after purchasing an additional 1,141 shares in the last quarter. Mason Street Advisors LLC raised its position in Paychex by 1.2% during the first quarter. Mason Street Advisors LLC now owns 45,593 shares of the business services provider’s stock valued at $3,657,000 after purchasing an additional 536 shares in the last quarter. Miracle Mile Advisors LLC raised its position in Paychex by 643.1% during the first quarter. Miracle Mile Advisors LLC now owns 52,950 shares of the business services provider’s stock valued at $4,247,000 after purchasing an additional 45,824 shares in the last quarter. Trustcore Financial Services LLC acquired a new position in Paychex during the first quarter valued at approximately $48,000. Finally, Cordatus Wealth Management LLC raised its position in Paychex by 2.6% during the first quarter. Cordatus Wealth Management LLC now owns 27,560 shares of the business services provider’s stock valued at $2,210,000 after purchasing an additional 694 shares in the last quarter. Institutional investors own 68.77% of the company’s stock.

NASDAQ PAYX opened at $87.11 on Wednesday. The firm has a market cap of $30.98 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 3.36 and a beta of 1.04. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $87.27. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.89. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company’s revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 earnings per share. As a group, sell-side analysts predict that Paychex, Inc. will post 2.85 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Tuesday, May 14th. This is a boost from Paychex’s previous quarterly dividend of $0.56. Paychex’s payout ratio is presently 97.25%.

In related news, insider Stephanie L. Schaeffer sold 14,893 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $86.76, for a total value of $1,292,116.68. Following the sale, the insider now owns 63,039 shares of the company’s stock, valued at $5,469,263.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael E. Gioja sold 29,840 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $80.58, for a total transaction of $2,404,507.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,127 shares of company stock worth $11,173,791. Insiders own 11.80% of the company’s stock.

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

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About Paychex

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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