Cibc World Markets Corp Has $16.62 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Cibc World Markets Corp increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 129.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,524 shares of the business services provider's stock after purchasing an additional 66,919 shares during the quarter. Cibc World Markets Corp's holdings in Paychex were worth $16,619,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PAYX. Raymond James Financial Inc. bought a new position in shares of Paychex in the 4th quarter worth about $184,216,000. Amundi lifted its holdings in Paychex by 77.9% in the fourth quarter. Amundi now owns 1,534,145 shares of the business services provider's stock worth $215,164,000 after acquiring an additional 672,010 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Paychex by 30,382.8% in the fourth quarter. Proficio Capital Partners LLC now owns 568,809 shares of the business services provider's stock valued at $79,758,000 after acquiring an additional 566,943 shares during the period. Barclays PLC grew its holdings 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,044,631 shares of the business services provider's stock valued at $1,408,458,000 after purchasing an additional 519,761 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

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Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PAYX shares. UBS Group boosted their price objective on Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Barclays boosted their price target on shares of Paychex from $135.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, December 23rd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $148.00 price objective on shares of Paychex in a report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $133.23.

Paychex Price Performance

NASDAQ PAYX traded down $2.21 on Friday, reaching $143.02. 4,764,511 shares of the stock traded hands, compared to its average volume of 1,784,914. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $158.37. 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 firm's fifty day simple moving average is $147.70 and its 200 day simple moving average is $142.55. The company has a market cap of $51.50 billion, a price-to-earnings ratio of 30.11, a P/E/G ratio of 4.10 and a beta of 0.98.

Paychex (NASDAQ:PAYX - Get Free Report) last released its earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (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 firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the company earned $1.08 earnings per share. Paychex's revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. Paychex's dividend payout ratio (DPR) is presently 82.53%.

About Paychex

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.