Exchange Traded Concepts LLC Has $1.62 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Exchange Traded Concepts LLC decreased its position in Paychex, Inc. (NASDAQ:PAYXFree 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.

Read Our Latest Research Report on PAYX

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:PAYXGet 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

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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