PUREfi Wealth LLC Makes New $296,000 Investment in Paychex, Inc. (NASDAQ:PAYX)

PUREfi Wealth LLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,917 shares of the business services provider's stock, valued at approximately $296,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PAYX. Tallon Kerry Patrick purchased a new position in Paychex during the fourth quarter worth approximately $2,419,000. Brighton Jones LLC raised its position in shares of Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock worth $801,000 after buying an additional 1,190 shares during the period. Allspring Global Investments Holdings LLC grew its position in Paychex by 27.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 41,275 shares of the business services provider's stock valued at $5,717,000 after acquiring an additional 8,958 shares during the period. Vontobel Holding Ltd. grew its position in Paychex by 8.6% during the fourth quarter. Vontobel Holding Ltd. now owns 12,293 shares of the business services provider's stock valued at $1,724,000 after acquiring an additional 974 shares during the period. Finally, Principal Securities Inc. increased its stake in Paychex by 3.6% during the fourth quarter. Principal Securities Inc. now owns 13,338 shares of the business services provider's stock worth $1,870,000 after acquiring an additional 459 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

Paychex Price Performance

Shares of PAYX stock opened at $152.52 on Wednesday. The firm has a fifty day moving average of $151.59 and a two-hundred day moving average of $147.58. The firm has a market cap of $54.94 billion, a P/E ratio of 31.78, a P/E/G ratio of 3.55 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 debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex (NASDAQ:PAYX - Get Free Report) last released 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 return on equity of 45.30% and a net margin of 31.99%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the business posted $1.38 EPS. Paychex's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, research analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, May 12th were paid a dividend of $1.08 per share. This is a positive change from Paychex's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Monday, May 12th. This represents a $4.32 annualized dividend and a yield of 2.83%. Paychex's dividend payout ratio is 90.00%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PAYX. Cfra Research upgraded Paychex to a "hold" rating in a report on Thursday, March 27th. UBS Group boosted their price objective on shares of Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Morgan Stanley increased their price objective on shares of Paychex from $137.00 to $142.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 27th. Barclays lifted their target price 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, Royal Bank Of Canada upped their price target on shares of Paychex from $148.00 to $165.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company's stock. According to MarketBeat.com, Paychex has an average rating of "Hold" and an average target price of $142.55.

Insiders Place Their Bets

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total value of $544,762.50. Following the sale, the director now directly owns 78,455 shares in the company, valued at approximately $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 11.40% of the stock is currently owned by corporate insiders.

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.

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