Fiduciary Group LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,811 shares of the business services provider’s stock after buying an additional 281 shares during the quarter. Fiduciary Group LLC’s holdings in Paychex were worth $366,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Heritage Trust Co increased its holdings in Paychex by 84.6% in the 1st quarter. Heritage Trust Co now owns 13,676 shares of the business services provider’s stock valued at $860,000 after buying an additional 6,269 shares during the period. Cornercap Investment Counsel Inc. grew its holdings in shares of Paychex by 2.1% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 40,064 shares of the business services provider’s stock worth $2,521,000 after purchasing an additional 830 shares during the last quarter. National Asset Management Inc. grew its holdings in shares of Paychex by 17.1% in the 1st quarter. National Asset Management Inc. now owns 5,479 shares of the business services provider’s stock worth $345,000 after purchasing an additional 802 shares during the last quarter. Royal Fund Management LLC bought a new stake in shares of Paychex in the 1st quarter worth about $1,826,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Paychex by 14.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 30,448 shares of the business services provider’s stock worth $1,916,000 after purchasing an additional 3,748 shares during the last quarter. 67.99% of the stock is currently owned by hedge funds and other institutional investors.
In other Paychex news, Director Tom Bonadio bought 1,650 shares of the firm’s stock in a transaction on Friday, March 27th. The shares were purchased at an average price of $60.59 per share, for a total transaction of $99,973.50. Following the completion of the transaction, the director now directly owns 15,157 shares in the company, valued at approximately $918,362.63. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 11.70% of the stock is currently owned by company insiders.
NASDAQ PAYX traded up $0.18 during trading hours on Friday, reaching $67.58. 1,370,639 shares of the company’s stock were exchanged, compared to its average volume of 2,460,043. The company’s 50-day moving average is $65.71 and its two-hundred day moving average is $78.00. Paychex, Inc. has a one year low of $47.87 and a one year high of $90.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.19 and a current ratio of 1.19. The company has a market capitalization of $24.18 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.02. Paychex had a net margin of 26.98% and a return on equity of 41.68%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business earned $0.89 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Research analysts predict that Paychex, Inc. will post 3 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Thursday, May 14th. Paychex’s dividend payout ratio is currently 87.32%.
Several research analysts recently issued reports on PAYX shares. Morgan Stanley upped their price target on shares of Paychex from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Deutsche Bank cut their target price on shares of Paychex from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday. Cowen upped their target price on shares of Paychex from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 18th. Finally, Stifel Nicolaus cut their target price on shares of Paychex from $87.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, March 24th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $70.82.
Paychex Company Profile
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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