Wealth Enhancement Advisory Services LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 0.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,044 shares of the business services provider’s stock after buying an additional 217 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Paychex were worth $9,727,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of PAYX. Ethos Financial Group LLC raised its holdings in Paychex by 4.6% during the fourth quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after acquiring an additional 85 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Paychex by 3.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,543 shares of the business services provider’s stock worth $312,000 after acquiring an additional 92 shares in the last quarter. Rogco LP raised its holdings in Paychex by 1.1% during the fourth quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock worth $1,009,000 after acquiring an additional 93 shares in the last quarter. Dohj LLC raised its holdings in Paychex by 3.1% during the fourth quarter. Dohj LLC now owns 3,242 shares of the business services provider’s stock worth $386,000 after acquiring an additional 97 shares in the last quarter. Finally, Rockland Trust Co. raised its holdings in Paychex by 1.1% during the first quarter. Rockland Trust Co. now owns 9,074 shares of the business services provider’s stock worth $1,114,000 after acquiring an additional 98 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.
Paychex Stock Performance
PAYX stock opened at $125.10 on Thursday. The stock has a 50-day moving average price of $122.69 and a 200-day moving average price of $122.27. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.92. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm has a market cap of $45.03 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 3.29 and a beta of 1.00.
Paychex (NASDAQ:PAYX – Get Free Report) last issued its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the business posted $0.97 EPS. As a group, equities research analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current year.
Paychex Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a yield of 3.13%. Paychex’s dividend payout ratio (DPR) is currently 83.94%.
Insider Buying and Selling at Paychex
In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of Paychex stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Paychex news, Director David J. S. Flaschen sold 14,434 shares of Paychex stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now owns 5,383 shares of the company’s stock, valued at approximately $674,005.43. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David J. S. Flaschen sold 9,615 shares of Paychex stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $125.60, for a total transaction of $1,207,644.00. Following the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $676,104.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,872 shares of company stock worth $19,992,573. Insiders own 11.50% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on PAYX shares. Barclays dropped 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, July 1st. Robert W. Baird dropped their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Morgan Stanley dropped their price objective on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research note on Thursday, June 27th. Finally, Bank of America upped their price objective on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, Paychex currently has an average rating of “Hold” and an average price target of $122.46.
Get Our Latest Stock Analysis on PAYX
Paychex 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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