Westpac Banking Corp Has $1.67 Million Position in Paychex, Inc. $PAYX

Westpac Banking Corp increased its position in Paychex, Inc. (NASDAQ:PAYX) by 90.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,880 shares of the business services provider’s stock after buying an additional 7,060 shares during the quarter. Westpac Banking Corp’s holdings in Paychex were worth $1,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PAYX. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Paychex in the third quarter valued at approximately $27,000. Cornerstone Planning Group LLC increased its stake in shares of Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after buying an additional 268 shares during the period. Stance Capital LLC acquired a new position in shares of Paychex in the third quarter valued at approximately $31,000. MMA Asset Management LLC acquired a new position in shares of Paychex in the third quarter valued at approximately $32,000. Finally, Kingdom Financial Group LLC. acquired a new position in shares of Paychex in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

Paychex stock opened at $98.45 on Thursday. The stock has a market capitalization of $35.27 billion, a price-to-earnings ratio of 21.69 and a beta of 0.84. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $161.24. The stock’s 50 day moving average price is $92.85 and its two-hundred day moving average price is $100.51. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.49 EPS. On average, equities analysts predict that Paychex, Inc. will post 5.5 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is currently 104.85%.

Analyst Ratings Changes

PAYX has been the subject of several recent research reports. TD Cowen raised Paychex to a “hold” rating in a research note on Monday, May 18th. Stephens lowered their price objective on Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, March 26th. UBS Group decreased their target price on shares of Paychex from $98.00 to $94.00 and set a “neutral” rating for the company in a research report on Monday, April 13th. Robert W. Baird decreased their target price on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Finally, Argus raised shares of Paychex to a “strong-buy” rating in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $106.38.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.