Miracle Mile Advisors LLC Sells 1,904 Shares of Paychex, Inc. (NASDAQ:PAYX)

Miracle Mile Advisors LLC lowered its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 25.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,514 shares of the business services provider’s stock after selling 1,904 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Paychex were worth $657,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. ST Germain D J Co. Inc. purchased a new stake in Paychex in the 2nd quarter worth $26,000. OFI Invest Asset Management purchased a new stake in Paychex in the 3rd quarter worth $26,000. Carmel Capital Partners LLC purchased a new stake in Paychex in the 3rd quarter worth $28,000. Larson Financial Group LLC lifted its stake in Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. purchased a new stake in Paychex in the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Paychex stock opened at $122.08 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.23 and a quick ratio of 1.23. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The firm has a market capitalization of $43.93 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 3.29 and a beta of 0.93. The company’s 50-day moving average is $121.99 and its 200 day moving average is $119.57.

Paychex (NASDAQ:PAYXGet Free Report) last issued its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 EPS. Research analysts forecast that Paychex, Inc. will post 4.72 EPS for the current year.

Paychex declared that its board has initiated a share buyback plan on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were paid a $0.89 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.92%. Paychex’s dividend payout ratio is currently 79.11%.

Insiders Place Their Bets

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.50% of the company’s stock.

Analysts Set New Price Targets

PAYX has been the topic of several recent research reports. TD Cowen restated a “market perform” rating and set a $123.00 target price (down from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Barclays decreased their target price on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. Evercore ISI restated an “in-line” rating and set a $118.00 target price on shares of Paychex in a research report on Tuesday, March 26th. JPMorgan Chase & Co. decreased their target price on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research report on Friday, December 22nd. Finally, Citigroup decreased their target price on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 26th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $122.77.

Read Our Latest Research Report on Paychex

Paychex Company Profile

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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