Parr Mcknight Wealth Management Group LLC Invests $4.19 Million in Paychex, Inc. (NASDAQ:PAYX)

Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 29,857 shares of the business services provider's stock, valued at approximately $4,187,000.

Other hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Paychex by 220.7% during the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after acquiring an additional 128 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Paychex in the fourth quarter worth about $28,000. WealthTrak Capital Management LLC bought a new position in Paychex during the fourth quarter worth about $28,000. Millstone Evans Group LLC acquired a new stake in Paychex during the fourth quarter valued at approximately $33,000. Finally, Avion Wealth boosted its holdings in Paychex by 469.8% during the fourth quarter. Avion Wealth now owns 245 shares of the business services provider's stock valued at $34,000 after purchasing an additional 202 shares in the last quarter. Institutional investors own 83.47% of the company's stock.

Wall Street Analyst Weigh In

PAYX has been the subject of several analyst reports. Stifel Nicolaus raised their target price on Paychex from $141.00 to $156.00 and gave the stock a "hold" rating in a research report on Thursday, March 27th. Barclays increased their price objective on Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Monday, March 31st. UBS Group boosted their target price 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. Cfra Research upgraded shares of Paychex to a "hold" rating in a research report on Thursday, March 27th. Finally, Morgan Stanley lifted their price target on shares of Paychex from $137.00 to $142.00 and gave the company an "equal weight" 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $141.00.

Paychex Stock Down 0.0%

Shares of NASDAQ PAYX opened at $156.18 on Friday. Paychex, Inc. has a 12-month low of $115.40 and a 12-month high of $158.37. The firm's 50-day simple moving average is $148.18 and its 200 day simple moving average is $146.16. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $56.25 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 4.10 and a beta of 0.91.

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

Paychex Increases Dividend

The company also recently disclosed 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 is a boost from Paychex's previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a yield of 2.77%. The ex-dividend date is Monday, May 12th. Paychex's payout ratio is currently 90.00%.

Insider Buying and Selling at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the company'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 completion of the sale, the director now owns 78,455 shares in the company, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.40% of the company's stock.

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.

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