Corient Private Wealth LLC Acquires 479,488 Shares of Paychex, Inc. (NASDAQ:PAYX)

Corient Private Wealth LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 107.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 927,590 shares of the business services provider's stock after purchasing an additional 479,488 shares during the quarter. Corient Private Wealth LLC owned 0.26% of Paychex worth $130,066,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Monument Capital Management increased its stake in Paychex by 4.4% in the fourth quarter. Monument Capital Management now owns 1,714 shares of the business services provider's stock valued at $240,000 after acquiring an additional 72 shares during the last quarter. Mutual Advisors LLC increased its stake in Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider's stock valued at $423,000 after acquiring an additional 73 shares during the last quarter. Emerald Advisors LLC increased its stake in Paychex by 2.5% in the fourth quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider's stock valued at $423,000 after acquiring an additional 74 shares during the last quarter. Weaver Capital Management LLC increased its stake in Paychex by 3.7% in the fourth quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider's stock valued at $297,000 after acquiring an additional 75 shares during the last quarter. Finally, Adero Partners LLC increased its stake in Paychex by 3.2% in the fourth quarter. Adero Partners LLC now owns 2,391 shares of the business services provider's stock valued at $335,000 after acquiring an additional 75 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PAYX shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $148.00 price objective on shares of Paychex in a research note on Friday, December 20th. UBS Group boosted their target price 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. Finally, Barclays boosted their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $133.23.

Paychex Trading Down 1.6 %

Shares of NASDAQ:PAYX traded down $2.30 during mid-day trading on Thursday, reaching $145.23. 1,464,028 shares of the company's stock were exchanged, compared to its average volume of 1,771,992. The firm has a market capitalization of $52.29 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 4.10 and a beta of 0.98. The business's fifty day moving average price is $147.60 and its 200-day moving average price is $142.53. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $158.37.

Paychex (NASDAQ:PAYX - Get Free Report) last issued 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. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. Paychex's revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Friday, February 7th were issued a $0.98 dividend. The ex-dividend date was Friday, February 7th. This represents a $3.92 annualized dividend and a yield of 2.70%. Paychex's payout ratio is 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.