Turtle Creek Wealth Advisors LLC Takes $41,000 Position in Paychex, Inc. (NASDAQ:PAYX)

Turtle Creek Wealth Advisors LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 342 shares of the business services provider’s stock, valued at approximately $41,000.

Several other institutional investors have also modified their holdings of PAYX. Moneta Group Investment Advisors LLC grew its position in shares of Paychex by 102,768.9% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock valued at $524,359,000 after purchasing an additional 4,533,137 shares during the period. Federated Hermes Inc. boosted its position in Paychex by 337.3% during the third quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock worth $178,162,000 after acquiring an additional 1,191,539 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Paychex by 229.8% during the third quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock worth $188,655,000 after acquiring an additional 1,136,456 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Paychex by 8.9% during the third quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after acquiring an additional 927,584 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Paychex by 26.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock valued at $303,441,000 after purchasing an additional 554,968 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insiders Place Their Bets

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of research analyst reports. Barclays cut their target price on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Friday, December 22nd. Stifel Nicolaus increased their price target on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research note on Friday, December 22nd. Wedbush restated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. Finally, TD Cowen dropped their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat.com, Paychex has an average rating of “Hold” and an average target price of $123.00.

Paychex Trading Down 0.2 %

Shares of NASDAQ PAYX opened at $124.24 on Friday. The stock has a market cap of $44.72 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 3.51 and a beta of 0.93. The business has a 50 day simple moving average of $122.21 and a 200 day simple moving average of $119.95. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 EPS. On average, research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its Board of Directors has approved a share repurchase program on Friday, January 19th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.87%. Paychex’s payout ratio is currently 77.56%.

Paychex Company Profile

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.