Coastline Trust Co Has $3.36 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Coastline Trust Co lessened its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,228 shares of the business services provider’s stock after selling 175 shares during the quarter. Coastline Trust Co’s holdings in Paychex were worth $3,362,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PAYX. ST Germain D J Co. Inc. acquired a new stake in shares of Paychex in the 2nd quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new stake in Paychex during the 3rd quarter valued at $26,000. Carmel Capital Partners LLC acquired a new stake in Paychex during the 3rd quarter valued at $28,000. Larson Financial Group LLC lifted its holdings in Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Finally, DHJJ Financial Advisors Ltd. acquired a new stake in Paychex during the 3rd quarter valued at $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ PAYX traded up $0.46 during mid-day trading on Tuesday, reaching $122.08. The company had a trading volume of 5,002,989 shares, compared to its average volume of 1,748,822. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 3.32 and a beta of 0.93. The business’s 50-day simple moving average is $121.99 and its 200 day simple moving average is $119.57.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the business earned $1.29 earnings per share. Paychex’s revenue was up 4.2% on a year-over-year basis. On average, research analysts predict that Paychex, Inc. will post 4.72 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s payout ratio is currently 79.11%.

Paychex declared that its Board of Directors has approved a stock buyback program on Friday, January 19th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Friday, December 22nd. TD Cowen reaffirmed a “market perform” rating and set a $123.00 price target (down previously from $132.00) on shares of Paychex in a report on Friday, December 22nd. Barclays cut their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. Stifel Nicolaus increased their price objective on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research report on Friday, December 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $122.77.

Get Our Latest Stock Analysis on PAYX

Insider Buying and Selling

In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.50% of the stock is owned by company insiders.

Paychex Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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