Canada Pension Plan Investment Board Purchases 113,165 Shares of Paychex, Inc. (NASDAQ:PAYX)

Canada Pension Plan Investment Board boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 123.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 204,516 shares of the business services provider’s stock after purchasing an additional 113,165 shares during the period. Canada Pension Plan Investment Board owned about 0.06% of Paychex worth $25,115,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors increased its position in Paychex by 155.6% in the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock valued at $304,338,000 after acquiring an additional 1,508,681 shares in the last quarter. Toronto Dominion Bank increased its position in Paychex by 1.4% in the 1st quarter. Toronto Dominion Bank now owns 197,106 shares of the business services provider’s stock valued at $24,205,000 after acquiring an additional 2,652 shares in the last quarter. Capital International Inc. CA increased its position in Paychex by 50.2% in the 1st quarter. Capital International Inc. CA now owns 92,449 shares of the business services provider’s stock valued at $11,353,000 after acquiring an additional 30,912 shares in the last quarter. Capital International Investors increased its position in Paychex by 12.8% in the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock valued at $2,563,853,000 after acquiring an additional 2,373,894 shares in the last quarter. Finally, Capital Group Private Client Services Inc. increased its position in Paychex by 3.1% in the 1st quarter. Capital Group Private Client Services Inc. now owns 36,700 shares of the business services provider’s stock valued at $4,507,000 after acquiring an additional 1,090 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares in the company, valued at $51,287,448.15. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the transaction, the vice president now directly owns 79,232 shares in the company, valued at $9,793,075.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the transaction, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,823 shares of company stock worth $16,977,648. Insiders own 11.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PAYX shares. Robert W. Baird lowered their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Morgan Stanley lowered their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. Wedbush reiterated a “neutral” rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Thursday, June 27th. Finally, TD Cowen lowered their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $122.46.

Paychex Stock Up 1.4 %

PAYX traded up $1.77 during trading on Friday, reaching $125.75. The company had a trading volume of 1,371,622 shares, compared to its average volume of 2,067,192. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. Paychex, Inc. has a 12 month low of $106.27 and a 12 month high of $129.70. The business’s fifty day moving average price is $121.91 and its 200 day moving average price is $121.80. The company has a market cap of $45.27 billion, a P/E ratio of 26.93, a PEG ratio of 3.28 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 28th. Stockholders of record on Thursday, August 8th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Thursday, August 8th. Paychex’s dividend payout ratio is presently 83.94%.

About Paychex

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.