Paychex, Inc. $PAYX Shares Bought by Generali Asset Management SPA SGR

Generali Asset Management SPA SGR grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 15.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,679 shares of the business services provider’s stock after buying an additional 6,854 shares during the quarter. Generali Asset Management SPA SGR’s holdings in Paychex were worth $5,685,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PAYX. MGO One Seven LLC lifted its holdings in Paychex by 31.4% in the fourth quarter. MGO One Seven LLC now owns 9,181 shares of the business services provider’s stock valued at $1,030,000 after acquiring an additional 2,194 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Paychex in the 4th quarter valued at about $212,000. Crestwood Advisors Group LLC purchased a new position in shares of Paychex in the 4th quarter valued at about $302,000. Gateway Investment Advisers LLC lifted its stake in shares of Paychex by 0.6% in the fourth quarter. Gateway Investment Advisers LLC now owns 163,357 shares of the business services provider’s stock valued at $18,325,000 after purchasing an additional 1,028 shares during the period. Finally, Palmer Knight Co lifted its stake in shares of Paychex by 22.9% in the fourth quarter. Palmer Knight Co now owns 74,776 shares of the business services provider’s stock valued at $8,388,000 after purchasing an additional 13,950 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PAYX shares. Wells Fargo & Company lowered their target price on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. BMO Capital Markets lifted their price target on shares of Paychex to $52.00 and gave the company an “outperform” rating in a research report on Thursday, March 26th. Morgan Stanley decreased their price target on Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 28th. Argus raised Paychex to a “strong-buy” rating in a research note on Friday, March 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $106.38.

Paychex Stock Down 0.4%

Shares of NASDAQ PAYX opened at $93.93 on Friday. The firm’s 50-day moving average is $92.50 and its two-hundred day moving average is $103.62. The company has a market capitalization of $33.65 billion, a PE ratio of 20.69 and a beta of 0.84. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $161.24. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.26 and a quick ratio of 1.26.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the company posted $1.49 EPS. The company’s revenue was up 19.9% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex announced that its board has approved a share repurchase program on Friday, January 16th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 5.1%. This is a positive change from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Wednesday, May 13th. Paychex’s payout ratio is presently 95.15%.

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.