Paychex, Inc. (NASDAQ:PAYX) Shares Sold by NBC Securities Inc.

NBC Securities Inc. decreased its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,474 shares of the business services provider’s stock after selling 243 shares during the quarter. NBC Securities Inc.’s holdings in Paychex were worth $3,391,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PAYX. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Paychex by 6.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,552 shares of the business services provider’s stock worth $6,522,000 after purchasing an additional 3,483 shares in the last quarter. Whittier Trust Co. raised its position in Paychex by 12.3% in the third quarter. Whittier Trust Co. now owns 17,662 shares of the business services provider’s stock worth $2,037,000 after purchasing an additional 1,935 shares in the last quarter. Gradient Investments LLC grew its stake in Paychex by 39.8% during the third quarter. Gradient Investments LLC now owns 351 shares of the business services provider’s stock worth $40,000 after buying an additional 100 shares during the last quarter. TIAA Trust National Association bought a new stake in Paychex during the third quarter worth about $769,000. Finally, ING Groep NV bought a new stake in shares of Paychex during the third quarter valued at approximately $1,163,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. TD Cowen cut their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Wedbush reiterated a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Bank of America increased their target price on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Finally, 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. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $123.00.

Read Our Latest Analysis on Paychex

Paychex Stock Performance

NASDAQ PAYX traded up $1.25 during trading hours on Friday, reaching $122.55. 1,063,041 shares of the company were exchanged, compared to its average volume of 1,713,034. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70. The business’s 50 day simple moving average is $121.36 and its 200-day simple moving average is $120.53. 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 stock has a market capitalization of $44.11 billion, a P/E ratio of 26.70, a P/E/G ratio of 3.46 and a beta of 0.93.

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

Paychex Increases Dividend

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

Paychex declared that its Board of Directors has approved a share repurchase plan on Friday, January 19th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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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