Naviter Wealth LLC Buys 2,736 Shares of Paychex, Inc. (NASDAQ:PAYX)

Naviter Wealth LLC increased its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 39.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 9,650 shares of the business services provider's stock after buying an additional 2,736 shares during the period. Naviter Wealth LLC's holdings in Paychex were worth $1,353,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. State Street Corp boosted its stake in Paychex by 0.5% during the third quarter. State Street Corp now owns 13,230,236 shares of the business services provider's stock valued at $1,775,365,000 after buying an additional 60,455 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 5.5% in 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 in the last quarter. Geode Capital Management LLC grew its holdings in shares of Paychex by 2.1% in the third quarter. Geode Capital Management LLC now owns 9,414,072 shares of the business services provider's stock valued at $1,262,700,000 after purchasing an additional 190,937 shares in the last quarter. Barclays PLC raised its stake in 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. Finally, Guinness Asset Management LTD raised its stake in Paychex by 5.2% during the fourth quarter. Guinness Asset Management LTD now owns 1,649,758 shares of the business services provider's stock valued at $231,295,000 after purchasing an additional 82,091 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts have commented 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. JPMorgan Chase & Co. boosted their price objective on Paychex from $133.00 to $139.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 19th. Barclays raised their price objective on Paychex from $135.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, December 23rd. Finally, UBS Group boosted their target price on Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $133.23.

Paychex Trading Down 1.0 %

Paychex stock traded down $1.49 during trading hours on Wednesday, hitting $145.01. The company had a trading volume of 2,780,538 shares, compared to its average volume of 1,785,852. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $52.21 billion, a P/E ratio of 30.53, a P/E/G ratio of 4.10 and a beta of 0.98. The company has a 50-day moving average price of $146.74 and a two-hundred day moving average price of $141.95. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $158.37.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. Paychex's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders 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 yield of 2.70%. The ex-dividend date of this dividend was Friday, February 7th. Paychex's dividend payout ratio (DPR) is 82.53%.

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.