KLP Kapitalforvaltning AS Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

KLP Kapitalforvaltning AS bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 142,479 shares of the business services provider's stock, valued at approximately $19,978,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Monument Capital Management boosted its position in shares of Paychex by 4.4% during the fourth quarter. Monument Capital Management now owns 1,714 shares of the business services provider's stock worth $240,000 after buying an additional 72 shares during the period. Mutual Advisors LLC raised its stake in Paychex by 2.6% during the 4th 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 in the last quarter. Emerald Advisors LLC boosted its position in Paychex by 2.5% during the 4th quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider's stock worth $423,000 after acquiring an additional 74 shares during the period. Weaver Capital Management LLC grew its stake in shares of Paychex by 3.7% in the fourth quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider's stock worth $297,000 after purchasing an additional 75 shares in the last quarter. Finally, Adero Partners LLC increased its holdings in shares of Paychex by 3.2% during the fourth quarter. Adero Partners LLC now owns 2,391 shares of the business services provider's stock valued at $335,000 after purchasing an additional 75 shares during the period. Institutional investors own 83.47% of the company's stock.

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Paychex Stock Down 0.5 %

NASDAQ:PAYX traded down $0.70 during trading hours on Tuesday, hitting $144.13. 3,109,621 shares of the stock traded hands, compared to its average volume of 1,971,884. The firm has a 50 day moving average price of $147.86 and a 200 day moving average price of $142.89. The firm has a market cap of $51.90 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week 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.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Friday, February 7th were paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Friday, February 7th. Paychex's dividend payout ratio is currently 82.53%.

Analyst Upgrades and Downgrades

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

Paychex Company 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.