First Republic Investment Management Inc. grew its position in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,984 shares of the business services provider’s stock after purchasing an additional 3,218 shares during the quarter. First Republic Investment Management Inc.’s holdings in Paychex were worth $20,084,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of PAYX. Sustainable Insight Capital Management LLC purchased a new stake in Paychex during the 3rd quarter valued at about $360,000. CIBC Asset Management Inc boosted its holdings in Paychex by 21.7% during the 3rd quarter. CIBC Asset Management Inc now owns 99,324 shares of the business services provider’s stock valued at $11,145,000 after acquiring an additional 17,683 shares during the period. Renasant Bank purchased a new stake in Paychex during the 3rd quarter valued at about $335,000. Avidian Wealth Solutions LLC boosted its holdings in Paychex by 3.1% during the 3rd quarter. Avidian Wealth Solutions LLC now owns 6,521 shares of the business services provider’s stock valued at $732,000 after acquiring an additional 194 shares during the period. Finally, Vestmark Advisory Solutions Inc. boosted its holdings in Paychex by 34.7% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 36,054 shares of the business services provider’s stock valued at $4,045,000 after acquiring an additional 9,295 shares during the period. 71.14% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on PAYX shares. Robert W. Baird increased their price objective on Paychex to $134.00 in a report on Wednesday, October 5th. Barclays cut Paychex from an “equal weight” rating to an “underweight” rating and set a $110.00 price objective for the company. in a report on Tuesday, January 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on Paychex from $123.00 to $116.00 in a report on Tuesday, January 3rd. Citigroup dropped their price objective on Paychex from $131.00 to $119.00 in a report on Friday, December 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Paychex from $121.00 to $119.00 and set an “underweight” rating for the company in a report on Friday, December 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $124.08.
Insider Activity at Paychex
Paychex Trading Down 1.1 %
PAYX opened at $118.62 on Wednesday. Paychex, Inc. has a 52 week low of $105.66 and a 52 week high of $141.92. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $42.76 billion, a PE ratio of 29.29, a PEG ratio of 3.76 and a beta of 0.98. The business has a 50 day moving average of $119.02 and a 200-day moving average of $120.32.
Paychex (NASDAQ:PAYX – Get Rating) last posted its quarterly earnings data on Thursday, December 22nd. The business services provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.04. Paychex had a return on equity of 45.50% and a net margin of 30.45%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts predict that Paychex, Inc. will post 4.25 earnings per share for the current fiscal year.
Paychex Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 23rd. Investors of record on Thursday, February 9th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, February 8th. Paychex’s dividend payout ratio (DPR) is presently 78.02%.
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.
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