Envestnet Portfolio Solutions Inc. Boosts Holdings in Paychex, Inc. $PAYX

Envestnet Portfolio Solutions Inc. boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 20.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,874 shares of the business services provider’s stock after buying an additional 12,719 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Paychex were worth $8,399,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAYX. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Paychex during the 3rd quarter worth $27,000. Cornerstone Planning Group LLC boosted its position in shares of Paychex by 957.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after purchasing an additional 268 shares in the last quarter. Stance Capital LLC purchased a new stake in shares of Paychex during the 3rd quarter worth $31,000. MMA Asset Management LLC purchased a new stake in shares of Paychex during the 3rd quarter worth $32,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of Paychex during the 4th quarter worth $34,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Price Performance

Paychex stock opened at $94.92 on Thursday. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $161.24. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The firm’s 50-day simple moving average is $91.96 and its 200 day simple moving average is $101.66. The firm has a market capitalization of $34.01 billion, a PE ratio of 20.91 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, topping 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 business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the firm earned $1.49 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, equities research analysts predict that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be given a $1.19 dividend. The ex-dividend date is Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 5.0%. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is presently 104.85%.

Analysts Set New Price Targets

PAYX has been the topic of several research analyst reports. Morgan Stanley decreased their target price on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Paychex in a research report on Friday, April 24th. Cantor Fitzgerald upgraded shares of Paychex to a “strong sell” rating in a research report on Tuesday, January 27th. Argus upgraded shares of Paychex to a “strong-buy” rating in a research report on Friday, March 27th. Finally, BMO Capital Markets boosted their target price on shares of Paychex to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus 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.