Cooper Financial Group grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 7.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,920 shares of the business services provider’s stock after buying an additional 199 shares during the period. Cooper Financial Group’s holdings in Paychex were worth $337,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of PAYX. Dean Investment Associates LLC raised its holdings in shares of Paychex by 1.3% in the 2nd quarter. Dean Investment Associates LLC now owns 18,774 shares of the business services provider’s stock valued at $2,138,000 after acquiring an additional 233 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in Paychex by 13.6% during the third quarter. Avantax Advisory Services Inc. now owns 17,308 shares of the business services provider’s stock valued at $1,942,000 after purchasing an additional 2,066 shares during the last quarter. Ballentine Partners LLC grew its stake in Paychex by 7.9% in the 3rd quarter. Ballentine Partners LLC now owns 7,663 shares of the business services provider’s stock worth $859,000 after buying an additional 564 shares in the last quarter. Everence Capital Management Inc. increased its holdings in shares of Paychex by 89.7% in the 3rd quarter. Everence Capital Management Inc. now owns 6,324 shares of the business services provider’s stock worth $710,000 after buying an additional 2,990 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in shares of Paychex by 5.5% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 10,757 shares of the business services provider’s stock valued at $1,207,000 after buying an additional 563 shares in the last quarter. 71.14% of the stock is owned by hedge funds and other institutional investors.
Paychex Stock Down 2.9 %
Shares of NASDAQ:PAYX opened at $107.07 on Thursday. The stock’s 50-day moving average is $113.81 and its 200 day moving average is $116.28. The company has a market cap of $38.60 billion, a PE ratio of 26.44, a P/E/G ratio of 3.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.30 and a quick ratio of 1.30. Paychex, Inc. has a 1 year low of $105.66 and a 1 year high of $141.92.
Paychex Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 23rd. Shareholders of record on Thursday, February 9th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Wednesday, February 8th. Paychex’s payout ratio is currently 78.02%.
Insiders Place Their Bets
In other news, VP Michael E. Gioja sold 13,744 shares of Paychex stock in a transaction dated Wednesday, December 28th. The shares were sold at an average price of $115.30, for a total transaction of $1,584,683.20. Following the sale, the vice president now owns 33,268 shares of the company’s stock, valued at approximately $3,835,800.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.50% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on PAYX shares. Evercore ISI cut their target price on shares of Paychex from $117.00 to $114.00 in a research report on Tuesday, December 27th. Morgan Stanley decreased their price objective on Paychex from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Friday, December 23rd. Moffett Nathanson increased their price target on shares of Paychex to $130.00 in a research report on Friday, December 2nd. StockNews.com began coverage on shares of Paychex in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on shares of Paychex from $121.00 to $119.00 and set an “underweight” rating for the company in a research note on Friday, December 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $123.69.
Paychex Company Profile
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resources, insurance and retirement for small and medium-sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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