Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Aaron Wealth Advisors LLC

Aaron Wealth Advisors LLC increased its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 5.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,908 shares of the business services provider’s stock after purchasing an additional 92 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Paychex were worth $227,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its position in shares of Paychex by 102,768.9% in 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 purchasing an additional 4,533,137 shares during the period. Federated Hermes Inc. boosted its holdings in Paychex by 337.3% in the 3rd quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock worth $178,162,000 after buying an additional 1,191,539 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Paychex by 229.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock worth $188,655,000 after buying an additional 1,136,456 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $1,306,849,000 after acquiring an additional 927,584 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Paychex by 26.7% in the third quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock valued at $303,441,000 after acquiring an additional 554,968 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PAYX. Barclays dropped their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. TD Cowen dropped their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Wednesday, April 3rd. Citigroup dropped their price objective on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, December 26th. Finally, Bank of America increased their price objective on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.00.

Read Our Latest Stock Analysis on PAYX

Paychex Stock Performance

Paychex stock opened at $124.24 on Friday. The firm has a 50 day simple moving average of $122.21 and a 200-day simple moving average of $119.95. 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 stock has a market cap of $44.72 billion, a price-to-earnings ratio of 27.07, a price-to-earnings-growth ratio of 3.51 and a beta of 0.93. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70.

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

Paychex Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.87%. Paychex’s payout ratio is presently 77.56%.

Paychex declared that its Board of Directors has approved a stock buyback plan on Friday, January 19th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the completion of the transaction, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.

Further Reading

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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