Strategic Financial Concepts LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 27,613 shares of the business services provider's stock, valued at approximately $3,872,000.
Several other institutional investors and hedge funds have also modified their holdings of PAYX. Raymond James & Associates raised its holdings in Paychex by 27.4% in the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider's stock worth $132,636,000 after purchasing an additional 212,700 shares during the period. Blue Trust Inc. raised its holdings in shares of Paychex by 169.9% during the third quarter. Blue Trust Inc. now owns 7,624 shares of the business services provider's stock valued at $1,023,000 after acquiring an additional 4,799 shares during the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of Paychex by 2.3% during the third quarter. Royal London Asset Management Ltd. now owns 187,663 shares of the business services provider's stock valued at $25,182,000 after acquiring an additional 4,157 shares during the last quarter. Miracle Mile Advisors LLC raised its holdings in shares of Paychex by 91.1% during the fourth quarter. Miracle Mile Advisors LLC now owns 10,808 shares of the business services provider's stock valued at $1,515,000 after acquiring an additional 5,153 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Paychex by 6.2% during the third quarter. Amalgamated Bank now owns 70,347 shares of the business services provider's stock valued at $9,440,000 after acquiring an additional 4,082 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have commented on PAYX shares. Royal Bank of Canada reissued a "sector perform" rating and set a $148.00 target price on shares of Paychex in a report on Friday, December 20th. JPMorgan Chase & Co. upped their price target on Paychex from $133.00 to $139.00 and gave the company an "underweight" rating in a research report on Tuesday, November 19th. Finally, Barclays upped their price target on Paychex from $135.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, December 23rd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, Paychex presently has a consensus rating of "Hold" and an average target price of $132.23.
Get Our Latest Analysis on Paychex
Paychex Trading Up 0.1 %
NASDAQ:PAYX traded up $0.22 during trading hours on Thursday, reaching $150.26. 1,355,665 shares of the stock were exchanged, compared to its average volume of 1,727,202. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average of $143.78 and a two-hundred day moving average of $139.36. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $151.72. The company has a market capitalization of $54.10 billion, a price-to-earnings ratio of 31.63, a PEG ratio of 4.05 and a beta of 1.00.
Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.02. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The firm's revenue was up 4.7% compared to the same quarter last year. On average, equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.
Paychex Dividend Announcement
The business also recently disclosed 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 2.61%. The ex-dividend date is Friday, February 7th. Paychex's payout ratio is currently 82.53%.
About Paychex
(
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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