Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its position in Paychex, Inc. (NASDAQ:PAYXFree Report) by 8.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,609 shares of the business services provider’s stock after purchasing an additional 349 shares during the quarter. Independence Bank of Kentucky’s holdings in Paychex were worth $549,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. BKM Wealth Management LLC purchased a new position in shares of Paychex in the fourth quarter worth about $1,229,000. Nordea Investment Management AB raised its stake in shares of Paychex by 218.8% in the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after purchasing an additional 466,890 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Paychex in the third quarter worth about $3,311,000. Comerica Bank purchased a new position in shares of Paychex in the second quarter worth about $8,123,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Paychex in the second quarter worth about $5,940,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Stock Performance

NASDAQ PAYX opened at $122.08 on Wednesday. Paychex, Inc. has a fifty-two week low of $104.09 and a fifty-two week high of $129.70. The stock’s fifty day moving average is $121.99 and its two-hundred day moving average is $119.57. The firm has a market capitalization of $43.93 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 3.29 and a beta of 0.93. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the company posted $1.29 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, research analysts anticipate that Paychex, Inc. will post 4.72 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Monday, February 12th. Paychex’s dividend payout ratio (DPR) is presently 79.11%.

Paychex announced that its board has initiated a stock buyback plan on Friday, January 19th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research note on Friday, December 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Friday, December 22nd. Citigroup reduced their price target on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. Barclays reduced their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. Finally, TD Cowen reiterated a “market perform” rating and set a $123.00 price target (down from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus price target of $122.77.

Check Out Our Latest Report on Paychex

Insider Activity

In other news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 11.50% of the company’s stock.

About Paychex

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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