QRG Capital Management Inc. Purchases 32,171 Shares of Paychex, Inc. (NASDAQ:PAYX)

QRG Capital Management Inc. increased its position in Paychex, Inc. (NASDAQ:PAYXFree Report) by 119.1% in the 4th quarter, Holdings Channel reports. The firm owned 59,173 shares of the business services provider’s stock after buying an additional 32,171 shares during the quarter. QRG Capital Management Inc.’s holdings in Paychex were worth $7,048,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ethos Financial Group LLC raised its stake in Paychex by 4.6% during the fourth quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after acquiring an additional 85 shares in the last quarter. Griffin Asset Management Inc. raised its stake in Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock worth $2,171,000 after acquiring an additional 88 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in Paychex by 5.1% during the fourth quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after acquiring an additional 92 shares in the last quarter. Rogco LP raised its stake in Paychex by 1.1% during the fourth quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock worth $1,009,000 after acquiring an additional 93 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Paychex by 3.5% during the third quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock worth $329,000 after acquiring an additional 96 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Paychex Trading Up 1.3 %

Paychex stock traded up $1.57 during mid-day trading on Monday, hitting $124.12. The stock had a trading volume of 530,927 shares, compared to its average volume of 1,750,791. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70. The stock has a market capitalization of $44.68 billion, a PE ratio of 26.80, a P/E/G ratio of 3.46 and a beta of 0.93. The stock has a 50-day simple moving average of $121.36 and a two-hundred day simple moving average of $120.56.

Paychex (NASDAQ:PAYXGet Free Report) last issued its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the business earned $1.29 earnings per share. The company’s revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex declared that its board has authorized a stock buyback plan on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a yield of 3.16%. 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

A number of analysts have recently weighed in on the company. Wedbush restated a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Evercore ISI restated an “in-line” rating and issued a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. Bank of America raised their target price on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research note on Wednesday, April 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Finally, TD Cowen lowered their target price on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $123.00.

Check Out Our Latest Stock Analysis 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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