PKO Investment Management Joint Stock Co acquired a new position in Paychex, Inc. (NASDAQ:PAYX – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,000 shares of the business services provider’s stock, valued at approximately $829,000.
A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after buying an additional 4,583,157 shares during the last quarter. Capital International Investors increased its position in shares of Paychex by 59.1% during the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares during the last quarter. State Street Corp lifted its holdings in Paychex by 1.6% during the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock worth $1,569,218,000 after acquiring an additional 216,045 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Paychex by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock worth $1,295,698,000 after acquiring an additional 263,152 shares during the period. Finally, Geode Capital Management LLC boosted its position in Paychex by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock worth $1,093,958,000 after purchasing an additional 78,760 shares during the last quarter. 83.47% of the stock is owned by institutional investors.
Paychex Price Performance
Shares of NASDAQ PAYX opened at $97.99 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.13. The stock has a fifty day simple moving average of $95.13 and a two-hundred day simple moving average of $99.36. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $152.57. The firm has a market cap of $35.11 billion, a price-to-earnings ratio of 21.58 and a beta of 0.84.
Paychex Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a $1.19 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 dividend on an annualized basis and a yield of 4.9%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is presently 104.85%.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Paychex in a research note on Friday, April 24th. Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $99.00 to $140.00 in a research note on Monday, June 15th. Argus raised shares of Paychex to a “strong-buy” rating in a report on Friday, March 27th. Stephens reduced their price target on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, March 26th. Finally, Guggenheim initiated coverage on shares of Paychex in a report on Thursday, March 19th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $105.07.
Check Out Our Latest Report on Paychex
Paychex Profile
Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.
Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.
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