Miracle Mile Advisors LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 643.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,950 shares of the business services provider’s stock after buying an additional 45,824 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Paychex were worth $4,247,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Trustcore Financial Services LLC bought a new stake in shares of Paychex during the first quarter valued at approximately $48,000. Cordatus Wealth Management LLC increased its holdings in shares of Paychex by 2.6% during the first quarter. Cordatus Wealth Management LLC now owns 27,560 shares of the business services provider’s stock valued at $2,210,000 after acquiring an additional 694 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Paychex by 7.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,684 shares of the business services provider’s stock valued at $1,498,000 after acquiring an additional 1,249 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its holdings in shares of Paychex by 7.0% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 27,978 shares of the business services provider’s stock valued at $2,243,000 after acquiring an additional 1,841 shares in the last quarter. Finally, Foresight Wealth Management LLC bought a new stake in shares of Paychex during the first quarter valued at approximately $235,000. 68.77% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on the company. Barclays boosted their price objective on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, April 1st. Credit Suisse Group boosted their price objective on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Finally, Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $74.14.
Shares of Paychex stock opened at $86.21 on Friday. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $86.98. The firm has a market cap of $31.11 billion, a P/E ratio of 33.78, a P/E/G ratio of 3.31 and a beta of 1.04. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. Paychex’s revenue was up 14.3% compared to the same quarter last year. On average, equities analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.62 per share. The ex-dividend date is Tuesday, May 14th. This represents a $2.48 annualized dividend and a yield of 2.88%. This is an increase from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio is 97.25%.
In other Paychex news, Director David J. S. Flaschen sold 18,154 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $84.74, for a total value of $1,538,369.96. Following the completion of the transaction, the director now owns 34,223 shares in the company, valued at approximately $2,900,057.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 29,840 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $80.58, for a total value of $2,404,507.20. The disclosure for this sale can be found here. Insiders have sold 135,127 shares of company stock valued at $11,173,791 in the last quarter. 11.80% of the stock is currently owned by corporate insiders.
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Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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