FAS Wealth Partners Inc. Sells 95 Shares of Paychex, Inc. (NASDAQ:PAYX)

FAS Wealth Partners Inc. decreased its position in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 4.1% in the 4th quarter, HoldingsChannel reports. The fund owned 2,214 shares of the business services provider’s stock after selling 95 shares during the period. FAS Wealth Partners Inc.’s holdings in Paychex were worth $264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Moneta Group Investment Advisors LLC increased its holdings in shares of Paychex by 102,768.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock valued at $524,359,000 after acquiring an additional 4,533,137 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Paychex by 337.3% during the third quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock valued at $178,162,000 after acquiring an additional 1,191,539 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Paychex by 229.8% during the third quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock valued at $188,655,000 after acquiring an additional 1,136,456 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Paychex by 8.9% during the third quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after buying an additional 927,584 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Paychex by 26.7% during the third quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock worth $303,441,000 after buying an additional 554,968 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PAYX. Barclays decreased their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. JPMorgan Chase & Co. decreased their price target on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a report on Friday, December 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Friday, December 22nd. Citigroup decreased their price target on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Finally, TD Cowen reiterated a “market perform” rating and set a $123.00 price target (down previously from $132.00) on shares of Paychex in a report on Friday, December 22nd. Two investment 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 currently has an average rating of “Hold” and a consensus target price of $122.77.

Get Our Latest Research Report on Paychex

Paychex Stock Up 0.4 %

PAYX stock opened at $122.08 on Wednesday. The stock’s fifty day simple moving average is $121.99 and its two-hundred day simple moving average is $119.57. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The stock has a market cap of $43.93 billion, a P/E ratio of 27.13, a P/E/G ratio of 3.29 and a beta of 0.93.

Paychex (NASDAQ:PAYXGet Free Report) last posted its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.01. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $1.29 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. Analysts expect that Paychex, Inc. will post 4.72 EPS for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a $0.89 dividend. The ex-dividend date was Monday, February 12th. This represents a $3.56 annualized dividend and a dividend yield of 2.92%. Paychex’s payout ratio is 79.11%.

Paychex announced that its board has initiated a share repurchase plan on Friday, January 19th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the transaction, the vice president now directly owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.50% of the company’s stock.

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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