SVB Wealth LLC Has $892,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

SVB Wealth LLC increased its position in Paychex, Inc. (NASDAQ:PAYX) by 6.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,265 shares of the business services provider’s stock after purchasing an additional 440 shares during the quarter. SVB Wealth LLC’s holdings in Paychex were worth $892,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new stake in shares of Paychex during the 1st quarter worth approximately $31,000. ESL Trust Services LLC acquired a new stake in Paychex during the 1st quarter worth $31,000. Clear Investment Research LLC raised its position in shares of Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 110 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Paychex in the 4th quarter valued at $40,000. Finally, Tidemark LLC bought a new position in shares of Paychex in the 4th quarter worth $40,000. 83.47% of the stock is owned by institutional investors.

Insider Activity at Paychex

In other news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Paychex news, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David J. S. Flaschen sold 19,709 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares in the company, valued at approximately $670,452.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 142,823 shares of company stock valued at $16,977,648. Insiders own 11.50% of the company’s stock.

Paychex Stock Up 0.8 %

Shares of PAYX stock traded up $1.02 on Monday, hitting $126.77. 971,591 shares of the stock were exchanged, compared to its average volume of 1,855,000. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $45.65 billion, a P/E ratio of 27.15, a price-to-earnings-growth ratio of 3.33 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $129.66. The business has a 50-day moving average of $121.91 and a 200 day moving average of $121.84.

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

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 28th. Investors of record on Thursday, August 8th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $3.92 annualized dividend and a yield of 3.09%. Paychex’s payout ratio is presently 83.94%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Bank of America upped their price objective on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Thursday, June 27th. Wedbush restated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. TD Cowen cut their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Finally, Robert W. Baird reduced their price target on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $122.46.

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.