Forum Financial Management LP boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 10.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,551 shares of the business services provider’s stock after buying an additional 335 shares during the period. Forum Financial Management LP’s holdings in Paychex were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Karp Capital Management Corp acquired a new position in Paychex during the 3rd quarter valued at about $25,000. Legend Financial Advisors Inc. acquired a new position in Paychex during the 3rd quarter valued at about $26,000. SRS Capital Advisors Inc. grew its stake in Paychex by 52.1% during the 2nd quarter. SRS Capital Advisors Inc. now owns 292 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Old North State Trust LLC purchased a new stake in Paychex during the 3rd quarter valued at about $34,000. Finally, MCF Advisors LLC grew its stake in Paychex by 48.5% during the 3rd quarter. MCF Advisors LLC now owns 398 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 130 shares during the last quarter. 71.14% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
PAYX has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on Paychex from $123.00 to $116.00 in a research note on Tuesday, January 3rd. Citigroup dropped their price target on Paychex from $131.00 to $119.00 in a research note on Friday, December 23rd. Stifel Nicolaus boosted their price target on Paychex from $119.00 to $122.00 and gave the company a “hold” rating in a research note on Thursday. StockNews.com initiated coverage on Paychex in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Jefferies Financial Group dropped their price target on Paychex from $130.00 to $120.00 and set a “hold” rating on the stock in a research note on Thursday, December 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $123.86.
Paychex Stock Performance
Paychex (NASDAQ:PAYX – Get Rating) last issued its quarterly earnings results on Wednesday, March 29th. The business services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.35 billion. Paychex had a return on equity of 46.56% and a net margin of 30.54%. Paychex’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.15 earnings per share. Analysts expect that Paychex, Inc. will post 4.29 EPS for the current fiscal year.
Paychex Dividend Announcement
The firm also recently declared 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. The ex-dividend date was Wednesday, February 8th. This represents a $3.16 dividend on an annualized basis and a yield of 2.76%. Paychex’s dividend payout ratio is currently 76.14%.
Paychex 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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