Ronald Blue Trust Inc. grew its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 23.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,798 shares of the business services provider’s stock after purchasing an additional 336 shares during the quarter. Ronald Blue Trust Inc.’s holdings in Paychex were worth $208,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Raleigh Capital Management Inc. boosted its stake in shares of Paychex by 117.8% in the 4th quarter. Raleigh Capital Management Inc. now owns 220 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 119 shares during the last quarter. Legend Financial Advisors Inc. bought a new position in Paychex during the third quarter worth $26,000. Heritage Wealth Management LLC boosted its stake in Paychex by 260.0% during the fourth quarter. Heritage Wealth Management LLC now owns 234 shares of the business services provider’s stock worth $27,000 after acquiring an additional 169 shares in the last quarter. CarsonAllaria Wealth Management Ltd. bought a new position in Paychex during the fourth quarter worth $28,000. Finally, Red Tortoise LLC bought a new position in Paychex during the fourth quarter worth $29,000. 72.16% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on PAYX. 3M reissued an “initiates” rating on shares of Paychex in a research note on Friday, June 2nd. UBS Group upped their price objective on shares of Paychex from $115.00 to $116.00 in a report on Friday. Barclays upped their price objective on shares of Paychex from $105.00 to $109.00 and gave the stock an “underweight” rating in a report on Monday, April 3rd. StockNews.com started coverage on shares of Paychex in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Bank of America lowered their target price on shares of Paychex from $105.00 to $103.00 in a report on Friday. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $121.60.
Paychex Price Performance
Paychex (NASDAQ:PAYX – Free Report) last released its quarterly earnings data on Thursday, June 29th. The business services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. Paychex had a net margin of 30.54% and a return on equity of 46.56%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the business earned $0.81 earnings per share. Paychex’s revenue was up 6.7% compared to the same quarter last year. Equities analysts forecast that Paychex, Inc. will post 4.29 EPS for the current year.
Paychex Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Thursday, May 11th were paid a $0.89 dividend. This is an increase from Paychex’s previous quarterly dividend of $0.79. This represents a $3.56 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Wednesday, May 10th. Paychex’s dividend payout ratio (DPR) is currently 85.78%.
Paychex Profile
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.
See Also
- Five stocks we like better than Paychex
- Tesla: Can Downgrades Make Sense After A 170% Rally?
- Buffett’s Berkshire Increases Stake In Occidental Petroleum (OXY)
- Rally Gains Momentum On Soft PCE Data
- Bank of America, JPMorgan, Goldman Sachs Set For Dividend Growth?
- SMART Global Holdings Momentum, Room To Move Higher?
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX – Free Report).
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.
