RWC Asset Management LLP Buys 155,096 Shares of Paychex, Inc. $PAYX

RWC Asset Management LLP boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 86.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 334,959 shares of the business services provider’s stock after buying an additional 155,096 shares during the quarter. Paychex accounts for 1.8% of RWC Asset Management LLP’s investment portfolio, making the stock its 13th largest holding. RWC Asset Management LLP’s holdings in Paychex were worth $37,576,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Paychex in the third quarter worth approximately $27,000. Stance Capital LLC bought a new stake in shares of Paychex during the third quarter worth $31,000. MMA Asset Management LLC purchased a new stake in shares of Paychex during the third quarter valued at $32,000. Caitlin John LLC bought a new position in shares of Paychex in the third quarter worth about $36,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Paychex during the 3rd quarter valued at about $37,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a report on Tuesday, April 28th. Argus upgraded Paychex to a “strong-buy” rating in a report on Friday, March 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. Stephens cut their target price on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. Finally, BMO Capital Markets boosted their price target on shares of Paychex to $52.00 and gave the company an “outperform” rating in a report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $106.38.

Paychex Price Performance

NASDAQ:PAYX opened at $100.53 on Monday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.13. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $161.24. The company has a market cap of $36.02 billion, a PE ratio of 22.14 and a beta of 0.84. The company’s 50 day moving average is $93.17 and its two-hundred day moving average is $100.35.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, beating 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 firm 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 company earned $1.49 earnings per share. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts anticipate that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a $1.19 dividend. 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 dividend yield of 4.7%. The ex-dividend date of this dividend was Wednesday, May 13th. Paychex’s dividend payout ratio is currently 104.85%.

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.