Cetera Advisor Networks LLC Raises Holdings in Paychex, Inc. (NASDAQ:PAYX)

Cetera Advisor Networks LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,067 shares of the business services provider’s stock after buying an additional 4,177 shares during the period. Cetera Advisor Networks LLC’s holdings in Paychex were worth $8,703,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PAYX. Oppenheimer Asset Management Inc. grew its holdings in shares of Paychex by 8.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 6,972 shares of the business services provider’s stock worth $804,000 after purchasing an additional 531 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Paychex by 1.9% during the third quarter. Van ECK Associates Corp now owns 66,061 shares of the business services provider’s stock worth $7,619,000 after buying an additional 1,209 shares during the last quarter. Pathstone Family Office LLC grew its holdings in shares of Paychex by 219.5% during the third quarter. Pathstone Family Office LLC now owns 17,548 shares of the business services provider’s stock worth $2,035,000 after buying an additional 12,056 shares during the last quarter. Aptus Capital Advisors LLC grew its holdings in shares of Paychex by 53.7% during the third quarter. Aptus Capital Advisors LLC now owns 4,687 shares of the business services provider’s stock worth $541,000 after buying an additional 1,638 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Paychex by 58.0% during the third quarter. Canada Pension Plan Investment Board now owns 16,064 shares of the business services provider’s stock worth $1,853,000 after buying an additional 5,900 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Up 0.6 %

PAYX stock opened at $122.58 on Friday. The stock has a market capitalization of $44.12 billion, a P/E ratio of 26.71, a PEG ratio of 3.38 and a beta of 0.96. 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, Inc. has a one year low of $106.27 and a one year high of $129.70. The company has a 50 day moving average price of $122.05 and a two-hundred day moving average price of $121.85.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the company earned $1.29 EPS. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts expect that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Friday, May 10th were paid a dividend of $0.98 per share. The ex-dividend date was Thursday, May 9th. This is a boost from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 annualized dividend and a dividend yield of 3.20%. Paychex’s payout ratio is currently 85.40%.

Insider Activity

In related news, Director David J. S. Flaschen sold 19,709 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the completion of the sale, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Evercore ISI reissued an “in-line” rating and set a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. TD Cowen reduced their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Bank of America raised their price objective on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research report on Wednesday, April 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Tuesday, May 21st. Finally, Wedbush restated a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $123.00.

Read Our Latest Research Report on Paychex

Paychex Profile

(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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