Corient Private Wealth LLC Raises Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Corient Private Wealth LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 107.0% in the 4th quarter, Holdings Channel reports. The firm owned 927,590 shares of the business services provider’s stock after acquiring an additional 479,488 shares during the period. Corient Private Wealth LLC’s holdings in Paychex were worth $130,066,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PAYX. Oppenheimer Asset Management Inc. grew its holdings in shares of Paychex by 13.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 7,435 shares of the business services provider’s stock worth $998,000 after purchasing an additional 867 shares in the last quarter. Metis Global Partners LLC grew its holdings in shares of Paychex by 4.7% during the third quarter. Metis Global Partners LLC now owns 16,811 shares of the business services provider’s stock worth $2,256,000 after purchasing an additional 761 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Paychex by 11.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,995 shares of the business services provider’s stock worth $1,073,000 after purchasing an additional 810 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Paychex by 18.4% in the third quarter. CIBC Asset Management Inc now owns 130,953 shares of the business services provider’s stock worth $17,573,000 after buying an additional 20,361 shares in the last quarter. Finally, Empirical Finance LLC boosted its stake in Paychex by 2.2% in the third quarter. Empirical Finance LLC now owns 11,082 shares of the business services provider’s stock worth $1,487,000 after buying an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Shares of Paychex stock opened at $145.44 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $52.37 billion, a PE ratio of 30.62, a P/E/G ratio of 4.10 and a beta of 0.98. The business has a 50 day moving average of $147.06 and a 200 day moving average of $142.17. Paychex, Inc. has a 52 week low of $114.72 and a 52 week high of $158.37.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. As a group, equities research analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Friday, February 7th were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.70%. Paychex’s dividend payout ratio is presently 82.53%.

Wall Street Analyst Weigh In

PAYX has been the subject of several research reports. Barclays upped their target price on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, December 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 target price on shares of Paychex in a research note on Friday, December 20th. JPMorgan Chase & Co. upped their target price on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Finally, UBS Group upped their target price on Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $133.23.

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.