Danica Pension Livsforsikringsaktieselskab bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) in the first quarter, HoldingsChannel.com reports. The firm bought 87,723 shares of the business services provider’s stock, valued at approximately $8,081,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of PAYX. Cornerstone Planning Group LLC lifted its holdings in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after acquiring an additional 268 shares during the period. Hilton Head Capital Partners LLC bought a new stake in shares of Paychex during the 4th quarter valued at about $31,000. Kingdom Financial Group LLC. bought a new stake in shares of Paychex during the 4th quarter valued at about $33,000. Leonteq Securities AG increased its position in shares of Paychex by 2,669.2% during the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 347 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Paychex during the 4th quarter valued at about $34,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.
Paychex Trading Down 1.1%
Paychex stock opened at $110.74 on Thursday. The stock has a market cap of $39.39 billion, a P/E ratio of 22.65 and a beta of 0.84. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $148.11. The firm’s 50 day moving average price is $101.26 and its 200-day moving average price is $98.28.
Paychex Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be paid a $1.19 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 4.3%. Paychex’s payout ratio is presently 97.34%.
Wall Street Analyst Weigh In
Several research firms have weighed in on PAYX. Citigroup upgraded shares of Paychex from a “neutral” rating to a “buy” rating and increased their price target for the stock from $99.00 to $140.00 in a research report on Monday, June 15th. UBS Group lifted their price target on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday. Robert W. Baird dropped their price target on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Cantor Fitzgerald reissued an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research note on Monday. Finally, Stephens decreased their price objective on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Paychex has an average rating of “Hold” and a consensus price target of $107.53.
View Our Latest Report on PAYX
Insider Activity at Paychex
In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the transaction, the director owned 67,364 shares of the company’s stock, valued at $6,618,513. This represents a 5.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.80% of the stock is owned by company insiders.
About Paychex
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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