Premier Path Wealth Partners LLC Acquires 519 Shares of Paychex, Inc. (NASDAQ:PAYX)

Premier Path Wealth Partners LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 14.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,144 shares of the business services provider’s stock after buying an additional 519 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Paychex were worth $639,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Paychex by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 31,521,025 shares of the business services provider’s stock valued at $4,419,878,000 after purchasing an additional 174,817 shares in the last quarter. Capital International Investors boosted its stake in shares of Paychex by 0.6% in the 4th quarter. Capital International Investors now owns 26,905,031 shares of the business services provider’s stock valued at $3,772,544,000 after purchasing an additional 166,155 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Paychex by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,044,631 shares of the business services provider’s stock valued at $1,408,458,000 after purchasing an additional 519,761 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Paychex by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 9,541,034 shares of the business services provider’s stock valued at $1,339,463,000 after purchasing an additional 126,962 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Paychex by 16.9% in the 4th quarter. Northern Trust Corp now owns 4,807,554 shares of the business services provider’s stock valued at $674,115,000 after purchasing an additional 694,651 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $150.32 on Friday. The stock has a market capitalization of $54.14 billion, a P/E ratio of 31.32, a P/E/G ratio of 3.25 and a beta of 0.92. Paychex, Inc. has a 1-year low of $115.40 and a 1-year high of $161.24. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $151.80 and a two-hundred day moving average price of $147.63.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.01. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Paychex had a return on equity of 45.30% and a net margin of 31.99%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.38 EPS. Equities analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 12th were issued a dividend of $1.08 per share. This is a boost from Paychex’s previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Monday, May 12th. Paychex’s payout ratio is currently 90.00%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PAYX. Royal Bank Of Canada boosted their target price on shares of Paychex from $148.00 to $165.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 3rd. Cfra Research upgraded shares of Paychex to a “hold” rating in a research note on Thursday, March 27th. JPMorgan Chase & Co. upped their price target on shares of Paychex from $140.00 to $148.00 and gave the stock an “underweight” rating in a research report on Wednesday. Jefferies Financial Group reiterated a “hold” rating on shares of Paychex in a research report on Friday, May 23rd. Finally, Barclays upped their price target on shares of Paychex from $140.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, Paychex currently has an average rating of “Hold” and an average price target of $143.36.

Insiders Place Their Bets

In other news, Director Joseph M. Velli sold 3,650 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the sale, the director now directly owns 78,455 shares of the company’s stock, valued at $11,709,408.75. This represents a 4.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 11.40% of the company’s stock.

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.