Paychex, Inc. (NASDAQ:PAYX) Shares Bought by iA Global Asset Management Inc.

iA Global Asset Management Inc. lifted its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 22.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,555 shares of the business services provider's stock after acquiring an additional 8,912 shares during the period. iA Global Asset Management Inc.'s holdings in Paychex were worth $6,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Union Bancaire Privee UBP SA acquired a new stake in Paychex during the 4th quarter worth $28,000. Avion Wealth lifted its stake in shares of Paychex by 469.8% in the fourth quarter. Avion Wealth now owns 245 shares of the business services provider's stock worth $34,000 after buying an additional 202 shares in the last quarter. MilWealth Group LLC acquired a new position in Paychex during the fourth quarter worth about $35,000. Quest Partners LLC purchased a new stake in Paychex during the 3rd quarter valued at about $36,000. Finally, Asset Planning Inc acquired a new stake in Paychex in the 4th quarter valued at about $36,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Trading Down 0.5 %

Paychex stock traded down $0.70 during trading on Tuesday, hitting $144.13. The company had a trading volume of 3,387,206 shares, compared to its average volume of 1,782,556. The stock has a market cap of $51.90 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 4.10 and a beta of 0.98. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $158.37. The company's 50 day simple moving average is $147.86 and its 200-day simple moving average is $142.89.

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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 dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Friday, February 7th. Paychex's dividend payout ratio (DPR) is 82.53%.

Wall Street Analyst Weigh In

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

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.