HB Wealth Management LLC Has $594,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Posted by on Apr 1st, 2023

HB Wealth Management LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 37.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,137 shares of the business services provider’s stock after purchasing an additional 1,407 shares during the quarter. HB Wealth Management LLC’s holdings in Paychex were worth $594,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Karp Capital Management Corp acquired a new stake in Paychex during the 3rd quarter worth approximately $25,000. Legend Financial Advisors Inc. bought a new stake in shares of Paychex in the third quarter valued at about $26,000. SRS Capital Advisors Inc. lifted its position in Paychex by 52.1% during the second quarter. SRS Capital Advisors Inc. now owns 292 shares of the business services provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. Old North State Trust LLC acquired a new position in Paychex during the third quarter worth about $34,000. Finally, MCF Advisors LLC increased its stake in shares of Paychex by 48.5% in the third quarter. MCF Advisors LLC now owns 398 shares of the business services provider’s stock valued at $45,000 after buying an additional 130 shares during the period. Institutional investors and hedge funds own 71.14% of the company’s stock.

Paychex Stock Up 0.9 %

Shares of PAYX opened at $114.59 on Friday. The company has a market capitalization of $41.31 billion, a PE ratio of 27.61, a price-to-earnings-growth ratio of 3.64 and a beta of 0.98. The business’s 50 day moving average is $112.80 and its 200 day moving average is $115.70. The company has a current ratio of 1.27, a quick ratio of 1.30 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 12-month low of $105.66 and a 12-month high of $141.92.

Paychex (NASDAQ:PAYX – Get Rating) last released its quarterly earnings results on Wednesday, March 29th. The business services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.05. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Paychex had a return on equity of 46.56% and a net margin of 30.54%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.15 EPS. Research analysts expect that Paychex, Inc. will post 4.28 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 23rd. Stockholders of record on Thursday, February 9th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Wednesday, February 8th. Paychex’s dividend payout ratio (DPR) is 76.14%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. StockNews.com began coverage on Paychex in a report on Thursday, March 16th. They set a “hold” rating on the stock. Moffett Nathanson lifted their price objective on Paychex to $130.00 in a report on Friday, December 2nd. Morgan Stanley cut their target price on Paychex from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Friday, December 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on Paychex from $123.00 to $116.00 in a research report on Tuesday, January 3rd. Finally, Citigroup dropped their price target on Paychex from $131.00 to $119.00 in a research report on Friday, December 23rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $123.86.

Paychex Profile

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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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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