Kathmere Capital Management LLC Has $996,000 Holdings in Paychex, Inc. $PAYX

Kathmere Capital Management LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 19.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,846 shares of the business services provider’s stock after purchasing an additional 1,137 shares during the quarter. Kathmere Capital Management LLC’s holdings in Paychex were worth $996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Summit Wealth Partners LLC raised its stake in Paychex by 2.4% in the first quarter. Summit Wealth Partners LLC now owns 3,027 shares of the business services provider’s stock valued at $467,000 after purchasing an additional 70 shares in the last quarter. LGT Group Foundation raised its stake in Paychex by 2.8% in the first quarter. LGT Group Foundation now owns 2,528 shares of the business services provider’s stock valued at $390,000 after purchasing an additional 70 shares in the last quarter. Golden State Equity Partners raised its stake in Paychex by 0.9% in the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider’s stock valued at $1,176,000 after purchasing an additional 71 shares in the last quarter. Palumbo Wealth Management LLC raised its stake in Paychex by 2.4% during the first quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider’s stock worth $492,000 after acquiring an additional 74 shares in the last quarter. Finally, King Wealth Management Group raised its stake in Paychex by 4.7% during the first quarter. King Wealth Management Group now owns 1,669 shares of the business services provider’s stock worth $257,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $145.17, for a total value of $14,157,849.42. Following the transaction, the chairman directly owned 446,917 shares in the company, valued at $64,878,940.89. This trade represents a 17.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John B. Gibson sold 12,370 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $141.92, for a total value of $1,755,550.40. Following the completion of the transaction, the chief executive officer owned 81,755 shares in the company, valued at approximately $11,602,669.60. This represents a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.

Paychex Price Performance

Paychex stock opened at $128.21 on Friday. The stock has a market capitalization of $46.11 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 2.94 and a beta of 0.91. Paychex, Inc. has a 52-week low of $126.13 and a 52-week high of $161.24. The stock’s 50 day moving average price is $137.65 and its two-hundred day moving average price is $145.09. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.19. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%.During the same period in the prior year, the business earned $1.12 EPS. On average, equities analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, July 21st were given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, July 21st. Paychex’s dividend payout ratio is presently 94.53%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Jefferies Financial Group set a $140.00 target price on Paychex and gave the stock a “hold” rating in a research note on Thursday, June 26th. Stifel Nicolaus lowered their target price on Paychex from $152.00 to $142.00 and set a “hold” rating for the company in a research note on Monday, September 22nd. Barclays set a $155.00 price target on Paychex and gave the stock an “equal weight” rating in a report on Tuesday, June 24th. JPMorgan Chase & Co. boosted their price target on Paychex from $148.00 to $153.00 and gave the stock an “underweight” rating in a report on Thursday, August 14th. Finally, UBS Group reduced their price target on Paychex from $148.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, September 17th. Ten analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $145.91.

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.