Zevenbergen Capital Investments LLC Has $2.71 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Zevenbergen Capital Investments LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 2.0% during the 4th quarter, HoldingsChannel reports. The firm owned 22,745 shares of the business services provider’s stock after selling 475 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Paychex were worth $2,709,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Outlook Wealth Advisors LLC bought a new stake in shares of Paychex during the 4th quarter worth $214,000. Cerity Partners LLC lifted its position in Paychex by 80.2% during the 4th quarter. Cerity Partners LLC now owns 343,269 shares of the business services provider’s stock worth $40,887,000 after acquiring an additional 152,818 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Paychex by 366.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 20,863 shares of the business services provider’s stock valued at $2,485,000 after acquiring an additional 16,391 shares during the period. BKM Wealth Management LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $1,229,000. Finally, Nordea Investment Management AB increased its stake in shares of Paychex by 218.8% in the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after purchasing an additional 466,890 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

NASDAQ PAYX traded up $0.46 during trading on Friday, reaching $125.65. 2,414,681 shares of the company traded hands, compared to its average volume of 1,573,020. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The company has a market cap of $45.23 billion, a price-to-earnings ratio of 27.37, a P/E/G ratio of 3.53 and a beta of 0.93. The stock’s 50 day moving average price is $121.73 and its two-hundred day moving average price is $120.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24.

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

Paychex announced that its board has authorized a stock buyback program on Friday, January 19th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Paychex Increases Dividend

The company also recently announced 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. The ex-dividend date is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.12%. This is a boost from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio (DPR) is 85.40%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Evercore ISI restated an “in-line” rating and set a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. Bank of America raised their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating 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 for the company in a research note on Wednesday, April 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Finally, Wedbush reaffirmed a “neutral” rating and set a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $123.00.

View Our Latest Stock Report on Paychex

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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