Fisher Asset Management LLC Trims Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Fisher Asset Management LLC cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 12.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,026 shares of the business services provider’s stock after selling 450 shares during the period. Fisher Asset Management LLC’s holdings in Paychex were worth $360,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Fortis Group Advisors LLC purchased a new stake in Paychex during the 3rd quarter valued at approximately $34,000. Clear Investment Research LLC raised its stake in Paychex by 55.8% during the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 110 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in Paychex during the 4th quarter worth approximately $40,000. Tidemark LLC acquired a new position in Paychex during the 4th quarter worth approximately $40,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Paychex during the 4th quarter worth approximately $41,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

PAYX stock opened at $126.08 on Tuesday. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The stock’s 50 day moving average price is $122.35 and its 200 day moving average price is $122.08. The firm has a market cap of $45.38 billion, a P/E ratio of 27.47, a PEG ratio of 3.47 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Paychex’s revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts expect that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Thursday, May 9th. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is currently 85.40%.

Analyst Ratings Changes

Several research firms have issued reports on PAYX. Wedbush reiterated a “neutral” rating and set a $115.00 target price on shares of Paychex in a research report on Wednesday, April 3rd. Bank of America boosted their target price on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. TD Cowen dropped their target price on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and set a $118.00 target price on shares of Paychex in a research report on Tuesday, March 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat, Paychex presently has an average rating of “Hold” and an average price target of $123.00.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the transaction, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.50% of the company’s stock.

Paychex Company Profile

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.