Welch Group LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 19.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 484,448 shares of the business services provider’s stock after purchasing an additional 77,646 shares during the period. Welch Group LLC’s holdings in Paychex were worth $44,627,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PAYX. Vanguard Group Inc. lifted its position in shares of Paychex by 12.1% during the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares in the last quarter. First Long Island Investors LLC grew its holdings in shares of Paychex by 23.9% in the third quarter. First Long Island Investors LLC now owns 99,607 shares of the business services provider’s stock valued at $12,626,000 after purchasing an additional 19,185 shares in the last quarter. Elo Mutual Pension Insurance Co grew its holdings in shares of Paychex by 35.9% in the third quarter. Elo Mutual Pension Insurance Co now owns 63,659 shares of the business services provider’s stock valued at $8,069,000 after purchasing an additional 16,812 shares in the last quarter. LBP AM SA increased its stake in Paychex by 125.2% during the 4th quarter. LBP AM SA now owns 40,517 shares of the business services provider’s stock worth $4,545,000 after buying an additional 22,527 shares during the period. Finally, Tectonic Advisors LLC lifted its holdings in Paychex by 17.4% during the 4th quarter. Tectonic Advisors LLC now owns 79,708 shares of the business services provider’s stock worth $8,942,000 after buying an additional 11,805 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Paychex Price Performance
Shares of PAYX opened at $99.90 on Friday. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $148.76. The firm’s fifty day simple moving average is $95.62 and its 200-day simple moving average is $99.14. The firm has a market capitalization of $35.79 billion, a price-to-earnings ratio of 20.43 and a beta of 0.84. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22.
Paychex Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Wednesday, May 13th. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is currently 104.85%.
Wall Street Analyst Weigh In
Several research firms have commented on PAYX. Guggenheim assumed coverage on shares of Paychex in a research note on Thursday, March 19th. They issued a “neutral” rating for the company. UBS Group reduced their price objective on Paychex from $100.00 to $98.00 and set a “neutral” rating on the stock in a research note on Thursday. Stephens decreased their target price on Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, March 26th. Argus upgraded Paychex to a “strong-buy” rating in a report on Friday, March 27th. Finally, BMO Capital Markets increased their price target on Paychex to $52.00 and gave the company an “outperform” rating 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 given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $105.67.
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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