QRG Capital Management Inc. Has $10 Million Stake in Paychex, Inc. (NASDAQ:PAYX)

QRG Capital Management Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,816 shares of the business services provider's stock after acquiring an additional 2,524 shares during the period. QRG Capital Management Inc.'s holdings in Paychex were worth $10,000,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new stake in shares of Paychex during the 4th quarter worth about $2,419,000. Brighton Jones LLC grew its stake in Paychex by 26.3% during the fourth 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 last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of 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 worth $5,717,000 after buying an additional 8,958 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of Paychex by 8.6% in 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 last quarter. Finally, Valeo Financial Advisors LLC boosted its holdings in shares of Paychex by 8.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 3,927 shares of the business services provider's stock worth $551,000 after acquiring an additional 320 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PAYX. Royal Bank of Canada raised their price target on Paychex from $148.00 to $165.00 and gave the company a "sector perform" rating in a report on Tuesday, June 3rd. Morgan Stanley raised their target price on Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research note on Thursday, March 27th. Citigroup increased their price objective on shares of Paychex from $145.00 to $158.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Jefferies Financial Group restated a "hold" rating on shares of Paychex in a research report on Friday, May 23rd. Finally, Barclays upped their target price on shares of Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $142.55.

Paychex Stock Performance

Paychex stock opened at $153.68 on Tuesday. The company has a market cap of $55.35 billion, a PE ratio of 32.35, a PEG ratio of 4.10 and a beta of 0.92. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 1 year low of $115.40 and a 1 year high of $161.24. The company's 50-day moving average is $151.47 and its two-hundred day moving average is $147.55.

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

Paychex Increases Dividend

The business 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. The ex-dividend date was Monday, May 12th. This is a boost from Paychex's previous quarterly dividend of $0.98. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.81%. Paychex's payout ratio is 90.00%.

Insider Activity at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.40% of the stock is currently owned by corporate insiders.

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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