KFG Wealth Management LLC Boosts Holdings in Paychex, Inc. (NASDAQ:PAYX)

KFG Wealth Management LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 3.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,925 shares of the business services provider’s stock after purchasing an additional 212 shares during the quarter. KFG Wealth Management LLC’s holdings in Paychex were worth $703,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vista Investment Partners LLC raised its position in shares of Paychex by 0.7% in the second quarter. Vista Investment Partners LLC now owns 26,570 shares of the business services provider’s stock worth $3,150,000 after acquiring an additional 185 shares during the period. Marshall Financial Group LLC raised its position in shares of Paychex by 1.8% in the second quarter. Marshall Financial Group LLC now owns 9,876 shares of the business services provider’s stock worth $1,171,000 after acquiring an additional 177 shares during the period. Boomfish Wealth Group LLC raised its position in shares of Paychex by 2.5% in the second quarter. Boomfish Wealth Group LLC now owns 10,455 shares of the business services provider’s stock worth $1,240,000 after acquiring an additional 259 shares during the period. Boston Trust Walden Corp raised its position in shares of Paychex by 1.2% in the second quarter. Boston Trust Walden Corp now owns 167,401 shares of the business services provider’s stock worth $19,847,000 after acquiring an additional 1,949 shares during the period. Finally, Sumitomo Life Insurance Co. raised its position in shares of Paychex by 31.2% in the second quarter. Sumitomo Life Insurance Co. now owns 26,500 shares of the business services provider’s stock worth $3,227,000 after acquiring an additional 6,300 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

PAYX stock traded down $0.62 during mid-day trading on Friday, reaching $125.20. The company’s stock had a trading volume of 1,171,508 shares, compared to its average volume of 1,860,408. The stock has a market cap of $45.09 billion, a PE ratio of 26.81, a P/E/G ratio of 3.31 and a beta of 1.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a fifty-two week low of $106.27 and a fifty-two week high of $129.92. The company’s 50 day moving average is $122.82 and its two-hundred day moving average is $122.32.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The company 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 earned $0.97 EPS. Paychex’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th will be paid a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a dividend yield of 3.13%. Paychex’s dividend payout ratio (DPR) is 83.94%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PAYX shares. Robert W. Baird decreased 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. Bank of America upped their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Thursday, June 27th. Barclays reduced their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research report on Monday, July 1st. Finally, Morgan Stanley reduced 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. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, Paychex presently has an average rating of “Hold” and an average target price of $122.46.

Insider Activity

In other news, Chairman Martin Mucci sold 101,490 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the sale, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of the 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 directly owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The disclosure for this sale can be found here. Insiders sold a total of 166,872 shares of company stock valued at $19,992,573 in the last 90 days. Company insiders own 11.50% of the company’s stock.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.