9,073 Shares in Paychex, Inc. (NASDAQ:PAYX) Acquired by Pacific Point Advisors LLC

Pacific Point Advisors LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 9,073 shares of the business services provider's stock, valued at approximately $1,357,000. Paychex accounts for about 0.8% of Pacific Point Advisors LLC's investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds have also bought and sold shares of the business. Vise Technologies Inc. grew its stake in Paychex by 98.0% in the 4th quarter. Vise Technologies Inc. now owns 3,360 shares of the business services provider's stock valued at $471,000 after buying an additional 1,663 shares in the last quarter. Harmony Asset Management LLC grew its stake in Paychex by 0.9% in the 4th quarter. Harmony Asset Management LLC now owns 16,932 shares of the business services provider's stock valued at $2,374,000 after buying an additional 151 shares in the last quarter. Novem Group purchased a new position in Paychex in the 4th quarter valued at approximately $551,000. Taylor Hoffman Capital Management LLC grew its stake in Paychex by 1.5% in the 4th quarter. Taylor Hoffman Capital Management LLC now owns 39,265 shares of the business services provider's stock valued at $5,506,000 after buying an additional 580 shares in the last quarter. Finally, Kolinsky Wealth Management LLC grew its stake in Paychex by 5.9% in the 4th quarter. Kolinsky Wealth Management LLC now owns 5,386 shares of the business services provider's stock valued at $755,000 after buying an additional 299 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PAYX shares. Cfra Research upgraded shares of Paychex to a "hold" rating in a research note on Thursday, March 27th. Barclays lifted their price objective on shares of Paychex from $140.00 to $155.00 and gave the company an "equal weight" rating in a research note on Monday, March 31st. Citigroup lifted their price objective on shares of Paychex from $145.00 to $158.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Stifel Nicolaus boosted their price target 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. Finally, Morgan Stanley boosted their price target on shares of Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to MarketBeat.com, Paychex has a consensus rating of "Hold" and a consensus price target of $141.00.

Paychex Stock Performance

NASDAQ PAYX opened at $156.18 on Friday. Paychex, Inc. has a 52-week low of $115.40 and a 52-week high of $158.37. 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 capitalization of $56.25 billion, a P/E ratio of 32.88, a P/E/G ratio of 4.10 and a beta of 0.91. The company has a fifty day moving average of $148.18 and a 200-day moving average of $146.16.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 earnings per share (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 during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm posted $1.38 EPS. The firm's revenue was up 4.8% compared to the same quarter last year. As a group, equities research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, May 12th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, May 12th. This is an increase from Paychex's previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a yield of 2.77%. Paychex's payout ratio is currently 90.00%.

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 transaction of $544,762.50. Following the completion of the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. 11.40% of the stock is currently owned by insiders.

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.

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