Allspring Global Investments Holdings LLC Buys 1,073 Shares of Paychex, Inc. (NASDAQ:PAYX)

Allspring Global Investments Holdings LLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,202 shares of the business services provider’s stock after buying an additional 1,073 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Paychex were worth $2,726,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Fortis Group Advisors LLC acquired a new position in Paychex during the third quarter worth $34,000. Clear Investment Research LLC grew its holdings in shares of Paychex by 55.8% in the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after purchasing an additional 110 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $40,000. Tidemark LLC bought a new position in Paychex during the 4th quarter valued at about $40,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in Paychex during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PAYX shares. Robert W. Baird decreased their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Barclays reduced their price objective on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Monday. Evercore ISI restated an “in-line” rating and set a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $122.46.

Insider Transactions at Paychex

In related news, Director David J. S. Flaschen sold 19,709 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is owned by corporate insiders.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $118.38 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.70. The stock has a market capitalization of $42.61 billion, a P/E ratio of 25.35, a P/E/G ratio of 3.14 and a beta of 1.00. The business has a 50-day moving average price of $122.29 and a two-hundred day moving average price of $121.84.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. Paychex’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Friday, May 10th were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.31%. This is an increase from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is 83.94%.

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.