Sanibel Captiva Trust Company Inc. Reduces Holdings in Paychex, Inc. (NASDAQ:PAYX)

Sanibel Captiva Trust Company Inc. lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 171,827 shares of the business services provider’s stock after selling 4,853 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Paychex were worth $24,094,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. CVA Family Office LLC boosted its position in shares of Paychex by 5.6% in the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after acquiring an additional 74 shares during the last quarter. Fortitude Family Office LLC grew its holdings in shares of Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares during the period. Kanawha Capital Management LLC increased its position in Paychex by 1.8% during the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after purchasing an additional 75 shares in the last quarter. Baron Wealth Management LLC raised its holdings in Paychex by 2.2% in the third quarter. Baron Wealth Management LLC now owns 3,628 shares of the business services provider’s stock valued at $487,000 after buying an additional 79 shares during the period. Finally, Daymark Wealth Partners LLC lifted its position in Paychex by 0.8% during the second quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock valued at $1,167,000 after buying an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

PAYX stock opened at $146.29 on Friday. The company has a 50-day simple moving average of $142.32 and a 200 day simple moving average of $134.98. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $52.67 billion, a P/E ratio of 30.80, a PEG ratio of 3.80 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.08 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Sell-side analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, February 7th. Paychex’s payout ratio is currently 82.53%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PAYX shares. Jefferies Financial Group upped their target price on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus upped their target price on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. TD Cowen lifted their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. UBS Group increased their price target on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Citigroup boosted their price objective on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $132.23.

About Paychex

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.