Assetmark Inc. Boosts Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Assetmark Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,743 shares of the business services provider’s stock after buying an additional 632 shares during the quarter. Assetmark Inc.’s holdings in Paychex were worth $803,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PAYX. Fortis Group Advisors LLC purchased a new stake in Paychex during the 3rd quarter valued at about $34,000. Criterion Capital Advisors LLC purchased a new stake in shares of Paychex during the fourth quarter valued at approximately $40,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Paychex during the fourth quarter valued at approximately $41,000. JFS Wealth Advisors LLC lifted its position in Paychex by 47.9% in the 4th quarter. JFS Wealth Advisors LLC now owns 349 shares of the business services provider’s stock valued at $42,000 after acquiring an additional 113 shares in the last quarter. Finally, Fortitude Family Office LLC purchased a new stake in Paychex during the 4th quarter valued at $46,000. 83.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. TD Cowen reduced their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Tuesday, May 21st. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research report on Wednesday, April 3rd. Finally, Bank of America increased their price target on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.00.

Get Our Latest Stock Report on PAYX

Paychex Stock Down 1.1 %

NASDAQ PAYX opened at $124.23 on Tuesday. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $44.72 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 3.64 and a beta of 0.93. The stock’s 50-day moving average price is $122.20 and its 200-day moving average price is $121.67.

Paychex (NASDAQ:PAYXGet Free Report) last released 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 company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.29 EPS. On average, equities research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Thursday, May 9th. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is presently 85.40%.

About Paychex

(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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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