Paychex, Inc. (NASDAQ:PAYX) Stake Increased by HM Payson & Co.

HM Payson & Co. increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 18.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,592 shares of the business services provider’s stock after acquiring an additional 1,038 shares during the period. HM Payson & Co.’s holdings in Paychex were worth $1,017,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Equity Partners raised its holdings in shares of Paychex by 0.9% during the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider’s stock worth $1,176,000 after acquiring an additional 71 shares in the last quarter. Palumbo Wealth Management LLC raised its holdings in shares of Paychex by 2.4% during the first quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider’s stock worth $492,000 after acquiring an additional 74 shares in the last quarter. Ashton Thomas Securities LLC raised its holdings in shares of Paychex by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider’s stock worth $446,000 after acquiring an additional 78 shares in the last quarter. Deseret Mutual Benefit Administrators raised its holdings in shares of Paychex by 7.6% during the first quarter. Deseret Mutual Benefit Administrators now owns 1,148 shares of the business services provider’s stock worth $177,000 after acquiring an additional 81 shares in the last quarter. Finally, GeoWealth Management LLC raised its holdings in shares of Paychex by 2.1% during the fourth quarter. GeoWealth Management LLC now owns 4,120 shares of the business services provider’s stock worth $578,000 after acquiring an additional 84 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Trading Up 0.7%

Shares of NASDAQ:PAYX opened at $147.02 on Friday. The company has a market cap of $52.96 billion, a P/E ratio of 32.17, a P/E/G ratio of 3.29 and a beta of 0.88. The stock’s 50-day moving average is $152.10 and its 200-day moving average is $148.04. Paychex, Inc. has a 52-week low of $115.40 and a 52-week high of $161.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.39 and a current ratio of 1.28.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.19. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%. During the same period last year, the business posted $1.12 earnings per share. Equities research analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 12th were given a $1.08 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Monday, May 12th. Paychex’s dividend payout ratio (DPR) is currently 94.53%.

Insider Activity

In related news, Director Joseph M. Velli sold 3,650 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the sale, the director owned 78,455 shares in the company, valued at approximately $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

PAYX has been the subject of several recent research reports. Barclays set a $155.00 price objective on Paychex and gave the stock an “equal weight” rating in a report on Tuesday, June 24th. Citigroup set a $158.00 target price on shares of Paychex and gave the stock a “neutral” rating in a research report on Tuesday, June 24th. UBS Group lowered their target price on shares of Paychex from $155.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, June 26th. Morgan Stanley lowered their target price on shares of Paychex from $150.00 to $148.00 and set an “equal weight” rating on the stock in a research report on Friday, June 27th. Finally, Jefferies Financial Group set a $140.00 target price on shares of Paychex and gave the stock a “hold” rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $149.11.

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.