Rialto Wealth Management LLC Takes $145,000 Position in Paychex, Inc. (NASDAQ:PAYX)

Rialto Wealth Management LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,035 shares of the business services provider’s stock, valued at approximately $145,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Union Bancaire Privee UBP SA acquired a new position in Paychex in the 4th quarter worth approximately $28,000. Avion Wealth boosted its position in shares of Paychex by 469.8% in the fourth quarter. Avion Wealth now owns 245 shares of the business services provider’s stock worth $34,000 after buying an additional 202 shares during the period. MilWealth Group LLC acquired a new stake in shares of Paychex in the fourth quarter worth $35,000. Quest Partners LLC purchased a new position in shares of Paychex during the third quarter valued at $36,000. Finally, Asset Planning Inc acquired a new position in Paychex during the fourth quarter valued at $36,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays lifted their target price on Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, December 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $148.00 price objective on shares of Paychex in a research report on Friday, December 20th. UBS Group upped their price objective on shares of Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat.com, Paychex currently has an average rating of “Hold” and a consensus target price of $133.23.

Paychex Trading Up 2.4 %

Paychex stock opened at $153.48 on Friday. Paychex, Inc. has a one year low of $114.72 and a one year high of $154.98. The company’s fifty day moving average price is $146.33 and its two-hundred day moving average price is $141.54. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. The company has a market capitalization of $55.26 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 4.10 and a beta of 0.98.

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

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, February 7th. Paychex’s payout ratio is 82.53%.

Paychex Company 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.