Paychex, Inc. (NASDAQ:PAYX) Stake Increased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC lifted its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 17.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,590 shares of the business services provider's stock after purchasing an additional 3,370 shares during the period. Concurrent Investment Advisors LLC's holdings in Paychex were worth $3,485,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PAYX. Meeder Asset Management Inc. grew its holdings in shares of Paychex by 220.7% during the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after buying an additional 128 shares in the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of Paychex during the fourth quarter worth about $28,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Paychex during the first quarter worth about $34,000. Alpine Bank Wealth Management purchased a new stake in shares of Paychex during the first quarter worth about $34,000. Finally, Tsfg LLC grew its holdings in shares of Paychex by 122.3% during the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after buying an additional 126 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Trading Down 0.4%

PAYX stock traded down $0.63 during midday trading on Thursday, reaching $145.31. 2,792,887 shares of the company's stock traded hands, compared to its average volume of 1,979,737. The company has a market capitalization of $52.34 billion, a P/E ratio of 31.80, a PEG ratio of 3.32 and a beta of 0.88. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.39. Paychex, Inc. has a fifty-two week low of $115.40 and a fifty-two week high of $161.24. The business has a 50-day moving average price of $152.08 and a two-hundred day moving average price of $148.12.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, meeting analysts' consensus estimates of $1.19. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period in the previous year, the company posted $1.12 earnings per share. Equities research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.97%. Paychex's payout ratio is currently 94.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PAYX. Stifel Nicolaus lowered their price target on shares of Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a report on Thursday, June 26th. Cfra Research upgraded shares of Paychex to a "hold" rating in a report on Thursday, March 27th. Morgan Stanley lowered their target price on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Friday, June 27th. Barclays set a $155.00 target price on shares of Paychex and gave the company an "equal weight" rating in a report on Tuesday, June 24th. Finally, Jefferies Financial Group set a $140.00 target price on shares of Paychex and gave the company a "hold" rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $150.20.

Insider Activity at Paychex

In other news, Director Joseph M. Velli sold 3,650 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director directly owned 78,455 shares of the company's stock, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.40% of the company's stock.

About Paychex

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.