Heritage Wealth Management LLC reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 25.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 465 shares of the business services provider’s stock after selling 155 shares during the period. Heritage Wealth Management LLC’s holdings in Paychex were worth $52,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of PAYX. Orion Portfolio Solutions LLC boosted its stake in shares of Paychex by 83.4% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,856 shares of the business services provider’s stock worth $771,000 after buying an additional 3,117 shares during the last quarter. JNBA Financial Advisors purchased a new position in Paychex in the third quarter valued at approximately $31,000. Skandinaviska Enskilda Banken AB publ lifted its stake in Paychex by 13.3% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 237,405 shares of the business services provider’s stock valued at $26,696,000 after purchasing an additional 27,871 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Paychex by 146.0% in the third quarter. Teacher Retirement System of Texas now owns 234,452 shares of the business services provider’s stock valued at $26,364,000 after purchasing an additional 139,134 shares during the last quarter. Finally, Sawtooth Solutions LLC lifted its stake in Paychex by 16.6% in the third quarter. Sawtooth Solutions LLC now owns 2,723 shares of the business services provider’s stock valued at $306,000 after purchasing an additional 387 shares during the last quarter. 69.85% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft increased their target price on Paychex from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, October 1st. Cowen raised shares of Paychex from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $130.00 to $145.00 in a report on Tuesday. Stifel Nicolaus increased their target price on Paychex from $118.00 to $140.00 and gave the company a “hold” rating in a research note on Thursday, December 23rd. Morgan Stanley increased their target price on Paychex from $105.00 to $135.00 and gave the company an “equal weight” rating in a research note on Thursday, December 23rd. Finally, Barclays increased their target price on Paychex from $115.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, December 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $121.21.
NASDAQ PAYX opened at $125.00 on Friday. The company has a 50-day simple moving average of $126.63 and a two-hundred day simple moving average of $118.70. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26. Paychex, Inc. has a 12-month low of $85.30 and a 12-month high of $138.96. The firm has a market cap of $45.10 billion, a price-to-earnings ratio of 35.41, a PEG ratio of 4.65 and a beta of 0.93.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, December 22nd. The business services provider reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.11. Paychex had a net margin of 29.53% and a return on equity of 41.78%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the business posted $0.73 earnings per share. Paychex’s revenue for the quarter was up 12.7% on a year-over-year basis. Equities analysts expect that Paychex, Inc. will post 3.63 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 24th. Shareholders of record on Monday, January 31st will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.11%. Paychex’s dividend payout ratio (DPR) is presently 74.79%.
Paychex Company Profile
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, 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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