Inspire Investing LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 63.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,843 shares of the business services provider’s stock after purchasing an additional 23,959 shares during the period. Paychex accounts for approximately 0.6% of Inspire Investing LLC’s holdings, making the stock its 23rd biggest position. Inspire Investing LLC’s holdings in Paychex were worth $6,938,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Paychex in the 3rd quarter worth about $27,000. Stance Capital LLC bought a new position in shares of Paychex in the 3rd quarter valued at about $31,000. Hilton Head Capital Partners LLC bought a new position in shares of Paychex in the 4th quarter valued at about $31,000. Caitlin John LLC purchased a new position in Paychex in the third quarter worth about $36,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Paychex during the third quarter worth approximately $37,000. 83.47% of the stock is owned by institutional investors.
Paychex Trading Down 2.7%
Shares of NASDAQ PAYX opened at $97.58 on Thursday. The business’s 50 day moving average price is $94.42 and its 200-day moving average price is $99.75. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $152.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market cap of $34.96 billion, a price-to-earnings ratio of 21.49 and a beta of 0.84.
Paychex Increases Dividend
The business also recently declared 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 of this dividend was Wednesday, May 13th. This represents a $4.76 annualized dividend and a yield of 4.9%. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is 104.85%.
Analysts Set New Price Targets
PAYX has been the topic of a number of recent research reports. Robert W. Baird decreased their price objective on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Guggenheim began coverage on Paychex in a research report on Thursday, March 19th. They set a “neutral” rating on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Paychex in a report on Friday, April 24th. TD Cowen raised their price target on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, June 8th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $108.19.
View Our Latest Research Report on PAYX
Paychex Company 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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