Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Terra Nova Asset Management LLC

Terra Nova Asset Management LLC lowered its holdings in Paychex, Inc. (NASDAQ:PAYX) by 6.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 4,307 shares of the business services provider’s stock after selling 306 shares during the quarter. Terra Nova Asset Management LLC’s holdings in Paychex were worth $513,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ST Germain D J Co. Inc. acquired a new stake in Paychex during the second quarter worth approximately $26,000. OFI Invest Asset Management acquired a new position in Paychex in the third quarter valued at $26,000. Carmel Capital Partners LLC acquired a new stake in shares of Paychex during the third quarter worth about $28,000. Larson Financial Group LLC lifted its holdings in shares of Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Finally, DHJJ Financial Advisors Ltd. acquired a new stake in shares of Paychex in the 3rd quarter valued at about $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Performance

NASDAQ PAYX opened at $122.80 on Friday. The business’s 50-day moving average price is $121.95 and its 200 day moving average price is $119.51. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The company has a market capitalization of $44.19 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 3.29 and a beta of 0.94.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Monday, February 12th. Paychex’s payout ratio is currently 79.11%.

Paychex announced that its board has initiated a stock buyback program on Friday, January 19th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

PAYX has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Friday, December 22nd. Evercore ISI restated an “in-line” rating and issued a $118.00 target price on shares of Paychex in a research note on Tuesday. Barclays cut their price target on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. Citigroup dropped their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 26th. Finally, TD Cowen reaffirmed a “market perform” rating and set a $123.00 price objective (down previously from $132.00) on shares of Paychex in a report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and a consensus price target of $122.77.

Insider Transactions at Paychex

In other news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction on 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 of the company’s stock, valued at $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.