State of Michigan Retirement System Has $11.48 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

State of Michigan Retirement System raised its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,377 shares of the business services provider’s stock after purchasing an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Paychex were worth $11,479,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. acquired a new position in Paychex during the second quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new stake in shares of Paychex in the third quarter worth $26,000. Carmel Capital Partners LLC acquired a new stake in shares of Paychex in the third quarter worth $28,000. Larson Financial Group LLC grew its stake in shares of Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after acquiring an additional 130 shares during the last quarter. Finally, DHJJ Financial Advisors Ltd. acquired a new stake in shares of Paychex in the third quarter worth $33,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PAYX shares. TD Cowen restated a “market perform” rating and issued a $123.00 price objective (down previously from $132.00) on shares of Paychex in a research note on Friday, December 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research note on Friday, December 22nd. Barclays reduced their target price on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. Evercore ISI reaffirmed an “in-line” rating and issued a $118.00 target price on shares of Paychex in a research report on Tuesday, March 26th. Finally, Citigroup reduced their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat, Paychex currently has an average rating of “Hold” and a consensus price target of $122.77.

Get Our Latest Stock Report on PAYX

Insider Buying and Selling

In related news, VP Mark Anthony Bottini sold 15,481 shares of the business’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 transaction, the vice president now directly owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.50% of the stock is owned by insiders.

Paychex Stock Performance

Paychex stock opened at $122.08 on Wednesday. The stock has a 50-day simple moving average of $121.99 and a 200 day simple moving average of $119.57. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70. The stock has a market capitalization of $43.93 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 3.29 and a beta of 0.93.

Paychex (NASDAQ:PAYXGet Free Report) last released its 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 firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The business’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 anticipate that Paychex, Inc. will post 4.72 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s dividend payout ratio is currently 79.11%.

Paychex announced that its board has initiated a stock repurchase program on Friday, January 19th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

About Paychex

(Free Report)

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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