Truist Financial Corp Has $26.29 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Truist Financial Corp cut its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,455 shares of the business services provider's stock after selling 14,498 shares during the quarter. Truist Financial Corp owned approximately 0.05% of Paychex worth $26,285,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Union Bancaire Privee UBP SA acquired a new position in Paychex during the fourth quarter worth $28,000. Fortitude Family Office LLC increased its position in Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider's stock worth $34,000 after buying an additional 74 shares during the last quarter. Avion Wealth increased its position in Paychex by 469.8% during 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 during the last quarter. MilWealth Group LLC acquired a new position in Paychex during the fourth quarter worth $35,000. Finally, Quest Partners LLC acquired a new position in Paychex during the third quarter worth $36,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PAYX shares. Barclays increased their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Monday, December 23rd. JPMorgan Chase & Co. increased their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an "underweight" rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $132.23.

Paychex Stock Performance

Shares of NASDAQ PAYX traded down $1.75 during mid-day trading on Friday, hitting $148.51. The company had a trading volume of 1,674,278 shares, compared to its average volume of 1,725,658. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. The business's 50-day simple moving average is $143.96 and its 200-day simple moving average is $139.43. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $151.72. The firm has a market cap of $53.47 billion, a P/E ratio of 31.27, a PEG ratio of 4.10 and a beta of 1.00.

Paychex (NASDAQ:PAYX - Get Free Report) last announced 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 firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 earnings per share. As a group, analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, February 7th. Paychex's dividend payout ratio is 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.