Coastline Trust Co Has $2.93 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

Coastline Trust Co lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 5.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 21,799 shares of the business services provider’s stock after selling 1,248 shares during the period. Coastline Trust Co’s holdings in Paychex were worth $2,925,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. boosted its position in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 163 shares during the last quarter. ORG Partners LLC lifted its stake in shares of Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Paychex during the 2nd quarter valued at about $30,000. ESL Trust Services LLC acquired a new stake in Paychex during the first quarter worth approximately $31,000. Finally, American National Bank increased its holdings in Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after purchasing an additional 180 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

PAYX has been the subject of several recent analyst reports. UBS Group raised their price objective on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada raised their price target on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 2nd. Morgan Stanley upped their price objective on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. TD Cowen raised their target price on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group boosted their target price on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, Paychex presently has a consensus rating of “Hold” and an average price target of $130.77.

Paychex Trading Down 2.0 %

NASDAQ PAYX opened at $142.96 on Friday. 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 business has a fifty day simple moving average of $139.30 and a 200 day simple moving average of $129.12. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71. The firm has a market capitalization of $51.45 billion, a P/E ratio of 30.48, a PEG ratio of 4.03 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted its 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. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business posted $1.14 EPS. The business’s revenue was up 2.5% compared to the same quarter last year. On average, analysts predict that Paychex, Inc. will post 4.98 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. Paychex’s payout ratio is presently 83.58%.

Insider Transactions at Paychex

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