1,989 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Morningstar Investment Services LLC

Morningstar Investment Services LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,989 shares of the business services provider’s stock, valued at approximately $238,000.

Several other institutional investors have also recently made changes to their positions in PAYX. Van ECK Associates Corp lifted its stake in shares of Paychex by 1.9% in the 3rd quarter. Van ECK Associates Corp now owns 66,061 shares of the business services provider’s stock valued at $7,619,000 after purchasing an additional 1,209 shares during the last quarter. Pathstone Family Office LLC lifted its stake in shares of Paychex by 219.5% during the 3rd quarter. Pathstone Family Office LLC now owns 17,548 shares of the business services provider’s stock worth $2,035,000 after acquiring an additional 12,056 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in shares of Paychex by 53.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 4,687 shares of the business services provider’s stock worth $541,000 after acquiring an additional 1,638 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Paychex by 58.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 16,064 shares of the business services provider’s stock worth $1,853,000 after purchasing an additional 5,900 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Paychex by 10.4% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 325,916 shares of the business services provider’s stock worth $37,588,000 after purchasing an additional 30,689 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on PAYX shares. Evercore ISI restated an “in-line” rating and set a $118.00 price objective on shares of Paychex in a report on Tuesday, March 26th. TD Cowen cut their price target on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Bank of America lifted 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a report on Tuesday, May 21st. Finally, Wedbush reiterated a “neutral” rating and issued a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $123.00.

Get Our Latest Report on Paychex

Paychex Stock Up 0.6 %

Shares of PAYX stock opened at $122.58 on Friday. The stock’s fifty day moving average price is $122.05 and its 200 day moving average price is $121.87. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $129.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $44.12 billion, a price-to-earnings ratio of 26.71, a price-to-earnings-growth ratio of 3.40 and a beta of 0.96.

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

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were given a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a yield of 3.20%. This is a boost from Paychex’s previous quarterly dividend of $0.89. Paychex’s payout ratio is currently 85.40%.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of Paychex stock in a transaction dated 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 SEC, which is accessible through this hyperlink. 11.50% of the stock is currently owned by insiders.

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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