Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,274 shares of the business services provider's stock after purchasing an additional 2,982 shares during the period. Ritholtz Wealth Management's holdings in Paychex were worth $3,436,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its stake 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 during the period. Union Bancaire Privee UBP SA purchased a new stake in shares of Paychex in the 4th quarter valued at about $28,000. WealthTrak Capital Management LLC acquired a new position in Paychex during the fourth quarter worth approximately $28,000. Millstone Evans Group LLC acquired a new stake in shares of Paychex in the fourth quarter valued at approximately $33,000. Finally, BankPlus Trust Department acquired a new position in Paychex in the 4th quarter valued at about $39,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Cfra Research raised shares of Paychex to a "hold" rating in a report on Thursday, March 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Paychex in a research note on Friday, May 23rd. Morgan Stanley raised their price objective on shares of Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research note 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 report on Tuesday, March 4th. Finally, Royal Bank of Canada increased their target price on shares of Paychex from $148.00 to $165.00 and gave the company a "sector perform" rating in a report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to data from MarketBeat.com, Paychex has an average rating of "Hold" and an average price target of $142.55.

Paychex Price Performance

Paychex stock traded up $0.46 during midday trading on Monday, reaching $153.68. 1,665,148 shares of the company were exchanged, compared to its average volume of 1,903,770. The firm's 50-day simple moving average is $151.13 and its 200-day simple moving average is $147.50. Paychex, Inc. has a 1 year low of $115.40 and a 1 year high of $161.24. The company has a market capitalization of $55.35 billion, a price-to-earnings ratio of 32.35, a P/E/G ratio of 4.10 and a beta of 0.92. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39.

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 the consensus estimate of $1.48 by $0.01. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.51 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The business's revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share. On average, analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, May 12th were issued a $1.08 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $4.32 dividend on an annualized basis and a yield of 2.81%. This is a boost from Paychex's previous quarterly dividend of $0.98. Paychex's dividend payout ratio (DPR) is presently 90.00%.

Insider Buying and Selling at Paychex

In related news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.40% of the stock is owned by company 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.