Miller Howard Investments Inc. NY Lowers Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Miller Howard Investments Inc. NY decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 435,480 shares of the business services provider's stock after selling 7,986 shares during the quarter. Paychex comprises approximately 1.8% of Miller Howard Investments Inc. NY's portfolio, making the stock its 21st biggest holding. Miller Howard Investments Inc. NY owned approximately 0.12% of Paychex worth $51,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BKM Wealth Management LLC bought a new position in shares of Paychex in the fourth quarter worth $1,229,000. Nordea Investment Management AB increased its holdings in shares of Paychex by 218.8% in the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider's stock worth $80,794,000 after purchasing an additional 466,890 shares during the period. NBC Securities Inc. purchased a new stake in Paychex during the third quarter valued at about $3,311,000. Comerica Bank purchased a new stake in Paychex during the second quarter valued at about $8,123,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in Paychex during the second quarter valued at about $5,940,000. Institutional investors own 83.47% of the company's stock.

Insiders Place Their Bets

In other news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the transaction, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 11.50% of the company's stock.

Paychex Stock Performance

NASDAQ:PAYX traded up $2.74 during trading hours on Tuesday, reaching $126.59. The company had a trading volume of 2,227,489 shares, compared to its average volume of 1,788,554. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The firm has a market cap of $45.57 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 3.45 and a beta of 0.93. The firm's 50 day moving average price is $122.00 and its 200-day moving average price is $119.79.

Paychex (NASDAQ:PAYX - Get Free Report) last released its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm's revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $1.29 earnings per share. On average, analysts forecast that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex declared that its board has initiated a share buyback plan on Friday, January 19th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the business services provider to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Monday, February 12th. Paychex's payout ratio is 77.56%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PAYX. Wedbush restated a "neutral" rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Evercore ISI reaffirmed an "in-line" rating and set a $118.00 price objective on shares of Paychex in a research note on Tuesday, March 26th. Citigroup reduced their price objective on Paychex from $130.00 to $125.00 and set a "neutral" rating on the stock in a research note on Tuesday, December 26th. Royal Bank of Canada reissued a "sector perform" rating and issued a $130.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Finally, TD Cowen cut their target price on Paychex from $122.00 to $121.00 and set a "hold" rating on the stock in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $123.00.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.