Exchange Traded Concepts LLC decreased its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,525 shares of the business services provider’s stock after selling 157 shares during the period. Exchange Traded Concepts LLC’s holdings in Paychex were worth $1,616,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Paychex by 26.3% in the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after purchasing an additional 1,190 shares in the last quarter. Secure Asset Management LLC increased its holdings in Paychex by 21.6% in the 4th quarter. Secure Asset Management LLC now owns 3,923 shares of the business services provider’s stock valued at $550,000 after buying an additional 697 shares during the period. Red Door Wealth Management LLC bought a new position in shares of Paychex during the 4th quarter worth about $314,000. Donoghue Forlines LLC boosted its position in shares of Paychex by 15.3% during the 4th quarter. Donoghue Forlines LLC now owns 10,885 shares of the business services provider’s stock valued at $1,526,000 after acquiring an additional 1,443 shares in the last quarter. Finally, Mutual Advisors LLC increased its stake in Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock valued at $423,000 after acquiring an additional 73 shares during the period. Institutional investors own 83.47% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have commented on PAYX. UBS Group raised their price target on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 price target on shares of Paychex in a research note on Friday, December 20th. Morgan Stanley lifted their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group lifted their price target on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $132.23.
Paychex Stock Performance
Shares of Paychex stock opened at $148.04 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a 50 day simple moving average of $142.19 and a 200 day simple moving average of $136.43. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The firm has a market cap of $53.30 billion, a P/E ratio of 31.17, a P/E/G ratio of 3.95 and a beta of 1.00.
Paychex (NASDAQ:PAYX – Get Free Report) last released its earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 earnings per share. Sell-side analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.
Paychex Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Friday, February 7th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s dividend payout ratio (DPR) is presently 82.53%.
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.
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