Norges Bank Makes New $33.81 Million Investment in Paychex, Inc. (NASDAQ:PAYX)

Norges Bank purchased a new stake in Paychex, Inc. (NASDAQ:PAYXFree Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 283,873 shares of the business services provider’s stock, valued at approximately $33,812,000. Norges Bank owned about 0.08% of Paychex at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jump Financial LLC boosted its position in shares of Paychex by 14.3% during the third quarter. Jump Financial LLC now owns 12,336 shares of the business services provider’s stock worth $1,423,000 after purchasing an additional 1,542 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of Paychex by 29.2% in the third quarter. Merit Financial Group LLC now owns 3,990 shares of the business services provider’s stock worth $460,000 after acquiring an additional 902 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Paychex by 7.3% in the third quarter. Kestra Private Wealth Services LLC now owns 43,203 shares of the business services provider’s stock worth $4,983,000 after acquiring an additional 2,956 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Paychex by 8.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 6,972 shares of the business services provider’s stock worth $804,000 after purchasing an additional 531 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Paychex by 1.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 21,212 shares of the business services provider’s stock valued at $2,446,000 after purchasing an additional 213 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Price Performance

NASDAQ:PAYX opened at $120.16 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm has a fifty day simple moving average of $122.01 and a 200 day simple moving average of $121.70. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The stock has a market capitalization of $43.25 billion, a PE ratio of 26.18, a P/E/G ratio of 3.48 and a beta of 0.93.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 EPS. On average, research analysts expect that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Friday, May 10th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.26%. This is a boost from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Thursday, May 9th. Paychex’s dividend payout ratio (DPR) is presently 85.40%.

Analyst Ratings Changes

PAYX has been the topic of several research analyst reports. Wedbush restated a “neutral” rating and set a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Evercore ISI reaffirmed an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. TD Cowen reduced their target price 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 reissued a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Tuesday, May 21st. Finally, Bank of America upped their price objective on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to MarketBeat.com, Paychex has an average rating of “Hold” and an average price target of $123.00.

Check Out Our Latest Research Report on PAYX

Insider Transactions at Paychex

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares of the company’s stock, valued at approximately $670,452.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is currently owned by corporate insiders.

Paychex 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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