Sumitomo Mitsui Trust Group Inc. Has $117.63 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 838,857 shares of the business services provider's stock after purchasing an additional 6,890 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Paychex worth $117,625,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. International Assets Investment Management LLC lifted its stake in Paychex by 38,655.2% during the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider's stock valued at $107,340,000 after buying an additional 797,843 shares in the last quarter. Barclays PLC lifted 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 buying an additional 552,540 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Paychex by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider's stock valued at $1,278,142,000 after buying an additional 345,682 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Paychex by 2,404.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 330,844 shares of the business services provider's stock valued at $46,391,000 after buying an additional 317,634 shares in the last quarter. Finally, Unigestion Holding SA lifted its stake in Paychex by 2,139.2% during the third quarter. Unigestion Holding SA now owns 295,692 shares of the business services provider's stock valued at $39,667,000 after buying an additional 282,487 shares in the last quarter. Institutional investors own 83.47% of the company's stock.

Wall Street Analysts Forecast Growth

PAYX has been the subject of a number of research analyst reports. Royal Bank of Canada reissued a "sector perform" rating and issued a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. JPMorgan Chase & Co. increased their price target 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, Barclays increased their price target 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. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $132.23.

Paychex Stock Performance

Shares of Paychex stock traded up $0.85 during midday trading on Wednesday, hitting $146.95. The company had a trading volume of 1,377,683 shares, compared to its average volume of 1,796,860. The business's 50 day simple moving average is $143.09 and its two-hundred day simple moving average is $138.56. The stock has a market cap of $52.91 billion, a PE ratio of 30.94, a P/E/G ratio of 4.10 and a beta of 1.00. 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, Inc. has a 1-year low of $114.72 and a 1-year high of $151.72.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. Paychex's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company posted $1.08 earnings per share. As a group, equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be given a $0.98 dividend. The ex-dividend date is Friday, February 7th. This represents a $3.92 annualized dividend and a yield of 2.67%. Paychex's dividend payout ratio (DPR) is currently 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.