Paychex, Inc. (NASDAQ:PAYX) Stake Cut by New York Life Investment Management LLC

New York Life Investment Management LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,922 shares of the business services provider's stock after selling 4,486 shares during the quarter. New York Life Investment Management LLC's holdings in Paychex were worth $6,019,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Union Bancaire Privee UBP SA acquired a new position in shares of Paychex during the 4th quarter valued at about $28,000. Avion Wealth grew its holdings in Paychex by 469.8% in the fourth quarter. Avion Wealth now owns 245 shares of the business services provider's stock valued at $34,000 after purchasing an additional 202 shares during the period. MilWealth Group LLC acquired a new position in Paychex during the fourth quarter worth approximately $35,000. Quest Partners LLC purchased a new position in Paychex during the third quarter worth approximately $36,000. Finally, Asset Planning Inc acquired a new position in shares of Paychex in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 83.47% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PAYX shares. UBS Group increased their target price on Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday. Barclays raised their price objective on Paychex from $135.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, December 23rd. JPMorgan Chase & Co. boosted their target price on Paychex from $133.00 to $139.00 and gave the stock an "underweight" rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $148.00 price target on shares of Paychex in a report on Friday, December 20th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, Paychex currently has an average rating of "Hold" and a consensus price target of $133.23.

Paychex Stock Up 0.1 %

PAYX stock traded up $0.22 during trading on Tuesday, reaching $153.59. The stock had a trading volume of 2,064,540 shares, compared to its average volume of 1,762,593. The firm has a fifty day moving average price of $145.51 and a 200 day moving average price of $140.91. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $55.30 billion, a P/E ratio of 32.24, a PEG ratio of 4.10 and a beta of 1.00. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $154.98.

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, beating 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 during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business posted $1.08 earnings per share. Paychex's revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The business also recently declared 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 2.55%. Paychex's dividend payout ratio is presently 82.53%.

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.