DNB Asset Management AS Grows Stock Holdings in Paychex, Inc. $PAYX

DNB Asset Management AS grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 33.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,227 shares of the business services provider’s stock after acquiring an additional 33,576 shares during the period. DNB Asset Management AS’s holdings in Paychex were worth $15,170,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PAYX. Vanguard Group Inc. boosted its holdings in shares of Paychex by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 37,765,468 shares of the business services provider’s stock valued at $4,787,151,000 after acquiring an additional 5,549,511 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Paychex in the 3rd quarter valued at $117,809,000. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Paychex in the 4th quarter valued at $75,921,000. Select Equity Group L.P. boosted its holdings in shares of Paychex by 15.9% in the 2nd quarter. Select Equity Group L.P. now owns 4,051,413 shares of the business services provider’s stock valued at $589,319,000 after acquiring an additional 557,101 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Paychex by 38.1% in the 3rd quarter. Barclays PLC now owns 1,856,157 shares of the business services provider’s stock valued at $235,286,000 after acquiring an additional 511,728 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Performance

PAYX opened at $91.54 on Monday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a fifty day moving average price of $92.23 and a 200 day moving average price of $102.18. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $161.24. The stock has a market cap of $32.80 billion, a P/E ratio of 20.16 and a beta of 0.84.

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

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be given a dividend of $1.19 per share. This is a boost from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Wednesday, May 13th. Paychex’s dividend payout ratio (DPR) is currently 104.85%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a report on Thursday, March 26th. Guggenheim began coverage on shares of Paychex in a research note on Thursday, March 19th. They issued a “neutral” rating for the company. 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 note on Thursday, March 26th. Cantor Fitzgerald upgraded shares of Paychex to a “strong sell” rating in a research note on Tuesday, January 27th. Finally, Royal Bank Of Canada decreased their target price on shares of Paychex from $125.00 to $102.00 and set a “sector perform” rating for the company in a research note on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $106.38.

Paychex 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.