Cornell Pochily Investment Advisors Inc. Has $1.78 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Cornell Pochily Investment Advisors Inc. lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,917 shares of the business services provider’s stock after selling 508 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Paychex were worth $1,777,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in PAYX. IFG Advisory LLC boosted its stake in shares of Paychex by 7.1% in the fourth quarter. IFG Advisory LLC now owns 23,092 shares of the business services provider’s stock valued at $2,751,000 after buying an additional 1,537 shares during the period. OmniStar Financial Group Inc. increased its holdings in shares of Paychex by 3.0% during the fourth quarter. OmniStar Financial Group Inc. now owns 4,978 shares of the business services provider’s stock worth $593,000 after buying an additional 145 shares in the last quarter. PFG Investments LLC increased its holdings in Paychex by 10.9% in the fourth quarter. PFG Investments LLC now owns 5,090 shares of the business services provider’s stock valued at $606,000 after purchasing an additional 502 shares during the period. Trust Co of the South bought a new position in Paychex during the 4th quarter worth $716,000. Finally, Schechter Investment Advisors LLC raised its position in Paychex by 10.7% during the 4th quarter. Schechter Investment Advisors LLC now owns 5,794 shares of the business services provider’s stock worth $690,000 after purchasing an additional 561 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.5 %

Shares of NASDAQ:PAYX traded up $0.65 during midday trading on Thursday, hitting $122.18. 253,647 shares of the stock traded hands, compared to its average volume of 1,654,794. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The stock has a market capitalization of $43.96 billion, a PE ratio of 27.14, a P/E/G ratio of 3.23 and a beta of 0.94. The business’s 50 day moving average is $121.92 and its two-hundred day moving average is $119.50.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were paid a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 annualized dividend and a yield of 2.91%. Paychex’s payout ratio is 79.11%.

Paychex declared that its board has initiated a stock repurchase plan on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PAYX shares. Citigroup decreased their price target on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. JPMorgan Chase & Co. cut their price target on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research note on Friday, December 22nd. TD Cowen reiterated a “market perform” rating and set a $123.00 price target (down previously from $132.00) on shares of Paychex in a research note on Friday, December 22nd. Evercore ISI reiterated an “in-line” rating and set a $118.00 price target on shares of Paychex in a research note on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research note on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $122.77.

Insiders Place Their Bets

In other news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 11.50% of the company’s stock.

Paychex Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.