CreativeOne Wealth LLC Boosts Stake in Paychex, Inc. (NASDAQ:PAYX)

CreativeOne Wealth LLC raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 81.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,656 shares of the business services provider’s stock after acquiring an additional 5,222 shares during the period. CreativeOne Wealth LLC’s holdings in Paychex were worth $1,564,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PAYX. International Assets Investment Management LLC lifted its stake in shares of Paychex by 38,655.2% during the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock worth $107,340,000 after purchasing an additional 797,843 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Paychex by 19.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock worth $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Paychex by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock worth $1,278,142,000 after purchasing an additional 345,682 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Paychex by 27.4% during the third quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock worth $132,636,000 after purchasing an additional 212,700 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Paychex by 175.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 331,115 shares of the business services provider’s stock worth $39,257,000 after purchasing an additional 211,010 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Down 0.3 %

Shares of NASDAQ PAYX opened at $145.71 on Friday. The company has a market cap of $52.44 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 4.00 and a beta of 0.99. Paychex, Inc. has a 12-month low of $114.72 and a 12-month high of $150.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock’s 50 day simple moving average is $141.12 and its 200 day simple moving average is $130.59.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $1.14 EPS. Equities research analysts expect that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.69%. Paychex’s payout ratio is currently 83.58%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PAYX shares. TD Cowen boosted their price objective on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Citigroup boosted their price objective on Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. UBS Group boosted their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus boosted their price target on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, Paychex has an average rating of “Hold” and an average target price of $131.62.

Insider Activity

In related news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. This trade represents a 42.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,174 shares of company stock valued at $7,577,231. Insiders own 11.40% of the company’s stock.

Paychex 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.