CoreCap Advisors LLC Boosts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

CoreCap Advisors LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 102.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,251 shares of the business services provider's stock after purchasing an additional 13,286 shares during the period. CoreCap Advisors LLC's holdings in Paychex were worth $3,681,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PAYX. Monument Capital Management boosted its stake in shares of Paychex by 4.4% during the 4th quarter. Monument Capital Management now owns 1,714 shares of the business services provider's stock worth $240,000 after purchasing an additional 72 shares during the period. Mutual Advisors LLC boosted its stake in shares of Paychex by 2.6% during the 4th quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider's stock worth $423,000 after purchasing an additional 73 shares during the period. Emerald Advisors LLC boosted its stake in shares of Paychex by 2.5% during the 4th quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider's stock worth $423,000 after purchasing an additional 74 shares during the period. Weaver Capital Management LLC boosted its stake in shares of Paychex by 3.7% during the 4th quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider's stock worth $297,000 after purchasing an additional 75 shares during the period. Finally, Adero Partners LLC boosted its stake in shares of Paychex by 3.2% during the 4th quarter. Adero Partners LLC now owns 2,391 shares of the business services provider's stock worth $335,000 after purchasing an additional 75 shares during the period. Institutional investors own 83.47% of the company's stock.

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 shares were 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 approximately $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.40% of the stock is currently owned by company insiders.

Paychex Price Performance

Shares of NASDAQ:PAYX traded up $0.46 during midday trading on Monday, hitting $151.03. The company's stock had a trading volume of 740,709 shares, compared to its average volume of 1,926,382. The business's 50 day simple moving average is $147.08 and its 200 day simple moving average is $145.32. 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 company has a market cap of $54.40 billion, a P/E ratio of 31.73, a price-to-earnings-growth ratio of 4.10 and a beta of 0.91. Paychex, Inc. has a 12-month low of $115.40 and a 12-month high of $158.37.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.01. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm earned $1.38 earnings per share. Paychex's quarterly revenue was up 4.8% compared to the same quarter last year. On average, analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, May 12th will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Monday, May 12th. This is a boost from Paychex's previous quarterly dividend of $0.98. Paychex's payout ratio is 90.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PAYX shares. Stifel Nicolaus boosted their price objective on shares of Paychex from $141.00 to $156.00 and gave the company a "hold" rating in a research report on Thursday, March 27th. Cfra Research upgraded shares of Paychex to a "hold" rating in a research note on Thursday, March 27th. UBS Group upped their price target 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. Barclays upped their price objective on shares of Paychex from $140.00 to $155.00 and gave the company an "equal weight" rating in a report on Monday, March 31st. Finally, Citigroup upped their price objective on shares of Paychex from $145.00 to $158.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $141.00.

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.