SVB Wealth LLC Buys Shares of 6,521 Paychex, Inc. (NASDAQ:PAYX)

SVB Wealth LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,521 shares of the business services provider’s stock, valued at approximately $914,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp raised its holdings in Paychex by 0.5% during the third quarter. State Street Corp now owns 13,230,236 shares of the business services provider’s stock worth $1,775,365,000 after purchasing an additional 60,455 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Paychex by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock valued at $1,278,142,000 after purchasing an additional 345,682 shares during the period. Geode Capital Management LLC raised its stake in shares of Paychex by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 9,414,072 shares of the business services provider’s stock worth $1,262,700,000 after buying an additional 190,937 shares in the last quarter. Barclays PLC lifted its holdings in shares of Paychex by 46.2% in the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider’s stock valued at $234,627,000 after buying an additional 552,540 shares during the period. Finally, Guinness Asset Management LTD boosted its stake in Paychex by 5.2% during the fourth quarter. Guinness Asset Management LTD now owns 1,649,758 shares of the business services provider’s stock valued at $231,295,000 after buying an additional 82,091 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PAYX shares. Barclays boosted their price target on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, December 23rd. JPMorgan Chase & Co. boosted their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $148.00 target price on shares of Paychex in a report on Friday, December 20th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $132.23.

Paychex Trading Up 1.1 %

NASDAQ PAYX opened at $153.37 on Tuesday. The firm’s 50 day moving average price is $145.51 and its two-hundred day moving average price is $140.91. The stock has a market cap of $55.22 billion, a price-to-earnings ratio of 32.29, a PEG ratio of 4.10 and a beta of 1.00. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $154.48. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. Paychex’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date was Friday, February 7th. Paychex’s dividend payout ratio (DPR) is 82.53%.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.