Maridea Wealth Management LLC Takes Position in Paychex, Inc. (NASDAQ:PAYX)

Maridea Wealth Management LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,032 shares of the business services provider's stock, valued at approximately $425,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in Paychex during the 4th quarter worth approximately $184,216,000. Amundi boosted its holdings in shares of Paychex by 77.9% during the 4th quarter. Amundi now owns 1,534,145 shares of the business services provider's stock valued at $215,164,000 after acquiring an additional 672,010 shares in the last quarter. Proficio Capital Partners LLC grew its position in Paychex by 30,382.8% during the 4th quarter. Proficio Capital Partners LLC now owns 568,809 shares of the business services provider's stock worth $79,758,000 after acquiring an additional 566,943 shares during the last quarter. Norges Bank bought a new position in Paychex in the fourth quarter valued at about $78,215,000. Finally, Barclays PLC boosted its stake in shares of Paychex by 46.2% during the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider's stock valued at $234,627,000 after purchasing an additional 552,540 shares in the last quarter. Institutional investors own 83.47% of the company's stock.

Paychex Stock Down 1.0 %

NASDAQ PAYX traded down $1.54 on Thursday, hitting $153.40. 622,850 shares of the company were exchanged, compared to its average volume of 1,877,229. Paychex, Inc. has a 12 month low of $115.40 and a 12 month high of $158.37. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $55.25 billion, a PE ratio of 32.29, a PEG ratio of 4.10 and a beta of 0.98. The stock has a fifty day moving average of $148.76 and a 200-day moving average of $143.73.

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Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.48 by $0.01. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $1.38 EPS. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Friday, February 7th. Paychex's payout ratio is 81.67%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and issued a $148.00 price objective on shares of Paychex in a report on Friday, December 20th. Cfra Research upgraded shares of Paychex to a "hold" rating in a report on Thursday, March 27th. UBS Group boosted their price objective on shares of Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Stifel Nicolaus raised their target price on Paychex from $141.00 to $156.00 and gave the stock a "hold" rating in a research report on Thursday, March 27th. Finally, Barclays increased their price target on Paychex from $140.00 to $155.00 and gave the company an "equal weight" rating in a research note on Monday. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Paychex currently has a consensus rating of "Hold" and a consensus target price of $138.83.

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.