Wealth Enhancement Advisory Services LLC increased its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,996 shares of the business services provider’s stock after purchasing an additional 6,431 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Paychex were worth $12,479,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in shares of Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the period. Fortitude Family Office LLC raised its holdings in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares during the period. Quest Partners LLC bought a new stake in shares of Paychex in the 3rd quarter worth approximately $36,000. Quarry LP raised its holdings in shares of Paychex by 152.6% in the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock worth $35,000 after purchasing an additional 177 shares during the period. Finally, Dunhill Financial LLC raised its holdings in shares of Paychex by 805.9% in the 3rd quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock worth $41,000 after purchasing an additional 274 shares during the period. Institutional investors own 83.47% of the company’s stock.
Paychex Stock Down 0.8 %
Shares of NASDAQ:PAYX opened at $139.06 on Monday. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71. The firm has a fifty day moving average of $142.35 and a 200 day moving average of $134.51. The firm has a market capitalization of $50.07 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 3.88 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.
Paychex Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.82%. Paychex’s dividend payout ratio is presently 82.53%.
Analysts Set New Price Targets
PAYX has been the topic of a number of research reports. Stifel Nicolaus lifted their price target on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley boosted their target price on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on shares of Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Jefferies Financial Group boosted their target price on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, UBS Group boosted their target price on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus price target of $132.23.
Get Our Latest Research Report on Paychex
Insiders Place Their Bets
In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 42.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 11.40% of the stock is currently owned by insiders.
Paychex Company Profile
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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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