Rathbones Group PLC Increases Stock Holdings in Paychex, Inc. $PAYX

Rathbones Group PLC boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 202,457 shares of the business services provider’s stock after purchasing an additional 20,233 shares during the period. Rathbones Group PLC’s holdings in Paychex were worth $22,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PAYX. Brighton Jones LLC boosted its holdings in Paychex by 26.3% during the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after acquiring an additional 1,190 shares during the period. Bison Wealth LLC boosted its holdings in Paychex by 3.0% during the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after acquiring an additional 117 shares during the period. Woodline Partners LP purchased a new position in Paychex during the 1st quarter valued at about $3,333,000. NewEdge Advisors LLC boosted its holdings in Paychex by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after acquiring an additional 1,290 shares during the period. Finally, Sei Investments Co. boosted its holdings in Paychex by 47.1% during the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock valued at $22,790,000 after acquiring an additional 50,169 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $94.25 on Friday. 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, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $161.24. The firm has a market capitalization of $33.77 billion, a PE ratio of 20.76 and a beta of 0.84. The stock’s 50-day simple moving average is $91.95 and its 200-day simple moving average is $101.50.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the company earned $1.49 EPS. The business’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, equities research analysts forecast that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders 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. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 5.1%. Paychex’s dividend payout ratio is 104.85%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PAYX shares. Morgan Stanley reduced their price target on Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 28th. Wells Fargo & Company reduced their price target on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. Royal Bank Of Canada reduced their price target on Paychex from $125.00 to $102.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 19th. JPMorgan Chase & Co. reduced their price target on Paychex from $125.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. Finally, UBS Group reduced their price target on Paychex from $98.00 to $94.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. One 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. According to MarketBeat.com, the stock presently has a consensus 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.