Avidian Wealth Enterprises LLC Has $888,000 Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Avidian Wealth Enterprises LLC increased its position in Paychex, Inc. (NASDAQ:PAYX) by 2.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,330 shares of the business services provider’s stock after acquiring an additional 174 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Paychex were worth $888,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Procyon Advisors LLC increased its position in Paychex by 36.5% in the third quarter. Procyon Advisors LLC now owns 5,494 shares of the business services provider’s stock worth $737,000 after purchasing an additional 1,470 shares during the period. Magnus Financial Group LLC acquired a new stake in Paychex in the third quarter worth about $251,000. Bourne Lent Asset Management Inc. grew its position in shares of Paychex by 1.5% during the 3rd quarter. Bourne Lent Asset Management Inc. now owns 59,432 shares of the business services provider’s stock worth $7,975,000 after buying an additional 850 shares during the period. Jamison Private Wealth Management Inc. grew its position in shares of Paychex by 0.6% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 46,998 shares of the business services provider’s stock worth $6,307,000 after buying an additional 268 shares during the period. Finally, Sunpointe LLC grew its position in shares of Paychex by 22.9% during the 3rd quarter. Sunpointe LLC now owns 4,013 shares of the business services provider’s stock worth $539,000 after buying an additional 749 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Paychex Price Performance

Shares of PAYX opened at $146.95 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a 50 day simple moving average of $143.09 and a 200 day simple moving average of $138.56. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $151.72. The firm has a market capitalization of $52.91 billion, a PE ratio of 30.94, a P/E/G ratio of 4.10 and a beta of 1.00.

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

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, February 7th. Paychex’s payout ratio 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.