Royal London Asset Management Ltd. Boosts Stake in Paychex, Inc. (NASDAQ:PAYX)

Royal London Asset Management Ltd. increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 5.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 197,019 shares of the business services provider's stock after purchasing an additional 9,356 shares during the period. Royal London Asset Management Ltd. owned approximately 0.05% of Paychex worth $27,626,000 at the end of the most recent reporting period.

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

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Paychex Stock Down 0.5 %

Shares of NASDAQ PAYX traded down $0.70 during midday trading on Tuesday, hitting $144.13. 3,387,206 shares of the company's stock were exchanged, compared to its average volume of 1,788,253. The firm's fifty day simple moving average is $147.91 and its 200-day simple moving average is $142.99. The company has a market cap of $51.90 billion, a PE ratio of 30.34, a P/E/G ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $158.37. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently 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. Barclays raised their price target on shares of Paychex from $135.00 to $140.00 and gave the company an "equal weight" rating in a research report on Monday, December 23rd. Finally, UBS Group upped their price objective on Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average 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.