PNC Financial Services Group Inc. Sells 7,691 Shares of Paychex, Inc. $PAYX

PNC Financial Services Group Inc. lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 970,400 shares of the business services provider’s stock after selling 7,691 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.27% of Paychex worth $108,860,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock valued at $4,750,669,000 after purchasing an additional 4,583,157 shares during the last quarter. Select Equity Group L.P. raised its stake in Paychex by 15.9% during the second quarter. Select Equity Group L.P. now owns 4,051,413 shares of the business services provider’s stock worth $589,319,000 after buying an additional 557,101 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Paychex by 1.1% in the third quarter. Dimensional Fund Advisors LP now owns 2,805,391 shares of the business services provider’s stock valued at $355,650,000 after buying an additional 31,321 shares during the period. Ameriprise Financial Inc. lifted its holdings in Paychex by 0.8% in the second quarter. Ameriprise Financial Inc. now owns 2,280,715 shares of the business services provider’s stock valued at $330,908,000 after buying an additional 17,869 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Paychex by 1.5% during the third quarter. Envestnet Asset Management Inc. now owns 1,979,330 shares of the business services provider’s stock valued at $250,900,000 after acquiring an additional 30,117 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $94.92 on Thursday. The business’s fifty day moving average is $91.96 and its 200 day moving average is $101.66. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $161.24. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The stock has a market cap of $34.01 billion, a P/E ratio of 20.91 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS 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 business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business posted $1.49 EPS. Paychex’s quarterly revenue was up 19.9% on a year-over-year basis. Sell-side analysts anticipate that Paychex, Inc. will post 5.5 earnings per share 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. The ex-dividend date of this dividend is Wednesday, May 13th. This is a boost from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 annualized dividend and a dividend yield of 5.0%. Paychex’s payout ratio is presently 104.85%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price target on Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a report on Thursday, March 26th. Robert W. Baird cut their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paychex in a research note on Friday, April 24th. Morgan Stanley lowered their target price on Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a report on Tuesday, April 28th. Finally, Wells Fargo & Company dropped their price target on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research note on Thursday, March 26th. One research 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 assigned a Sell rating to the company. According to MarketBeat, Paychex has an average rating of “Reduce” and a consensus 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.