WealthPlan Investment Management LLC Invests $260,000 in Paychex, Inc. (NASDAQ:PAYX)

WealthPlan Investment Management LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX – Get Rating) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,160 shares of the business services provider’s stock, valued at approximately $260,000.

A number of other institutional investors have also recently modified their holdings of the stock. Karp Capital Management Corp bought a new position in shares of Paychex during the third quarter valued at $25,000. Legend Financial Advisors Inc. bought a new position in shares of Paychex during the third quarter valued at $26,000. SRS Capital Advisors Inc. lifted its holdings in shares of Paychex by 52.1% during the second quarter. SRS Capital Advisors Inc. now owns 292 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Old North State Trust LLC bought a new position in shares of Paychex during the third quarter valued at $34,000. Finally, Wagner Wealth Management LLC bought a new position in shares of Paychex during the second quarter valued at $42,000. 71.14% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Down 1.0 %

NASDAQ PAYX opened at $107.53 on Friday. The stock’s 50-day moving average price is $114.36 and its 200-day moving average price is $116.62. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.25. Paychex, Inc. has a 52 week low of $105.66 and a 52 week high of $141.92. The company has a market capitalization of $38.76 billion, a P/E ratio of 26.55, a price-to-earnings-growth ratio of 3.39 and a beta of 0.98.

Paychex (NASDAQ:PAYX – Get Rating) last posted its quarterly earnings data on Thursday, December 22nd. The business services provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.95 by $0.04. Paychex had a return on equity of 45.50% and a net margin of 30.45%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities research analysts predict that Paychex, Inc. will post 4.25 earnings per share for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 23rd. Investors of record on Thursday, February 9th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Wednesday, February 8th. Paychex’s dividend payout ratio is currently 78.02%.

Insider Buying and Selling

In related news, VP Michael E. Gioja sold 13,744 shares of the stock in a transaction dated Wednesday, December 28th. The stock was sold at an average price of $115.30, for a total transaction of $1,584,683.20. Following the completion of the sale, the vice president now owns 33,268 shares in the company, valued at $3,835,800.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PAYX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price target on Paychex from $121.00 to $119.00 and set an “underweight” rating on the stock in a report on Friday, December 23rd. Evercore ISI lowered their price target on Paychex from $117.00 to $114.00 in a report on Tuesday, December 27th. Deutsche Bank Aktiengesellschaft lowered their target price on Paychex from $123.00 to $116.00 in a report on Tuesday, January 3rd. Morgan Stanley lowered their target price on Paychex from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Friday, December 23rd. Finally, Barclays lowered their target price on Paychex from $110.00 to $105.00 and set an “underweight” rating on the stock in a report on Monday, March 13th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $123.69.

About Paychex

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Paychex, Inc engages in the provision of human capital management solutions for payroll, human resources, 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.