BNP Paribas Financial Markets Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

BNP Paribas Financial Markets grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,104,683 shares of the business services provider's stock after acquiring an additional 97,721 shares during the period. BNP Paribas Financial Markets owned 0.31% of Paychex worth $131,579,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PAYX. OFI Invest Asset Management acquired a new stake in shares of Paychex in the third quarter valued at approximately $26,000. Carmel Capital Partners LLC acquired a new position in Paychex in the 3rd quarter valued at $28,000. Larson Financial Group LLC lifted its position in shares of Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider's stock valued at $31,000 after acquiring an additional 130 shares during the period. Fortis Group Advisors LLC acquired a new stake in shares of Paychex during the 3rd quarter worth $34,000. Finally, Gradient Investments LLC increased its position in shares of Paychex by 39.8% in the third quarter. Gradient Investments LLC now owns 351 shares of the business services provider's stock worth $40,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.47% of the company's stock.

Paychex Trading Up 1.0 %

Shares of NASDAQ:PAYX traded up $1.25 during midday trading on Friday, hitting $122.55. 1,063,041 shares of the stock were exchanged, compared to its average volume of 1,713,034. The business's 50-day moving average price is $121.36 and its 200 day moving average price is $120.56. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market capitalization of $44.11 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 3.46 and a beta of 0.93.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating 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 net margin of 31.86% and a return on equity of 46.14%. The company's revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.29 EPS. Analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex announced that its board has approved a share buyback plan on Friday, January 19th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Friday, May 10th will be given a dividend of $0.98 per share. This is a positive change from Paychex's previous quarterly dividend of $0.89. This represents a $3.92 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Thursday, May 9th. Paychex's dividend payout ratio (DPR) is currently 85.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PAYX shares. Bank of America increased their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 3rd. TD Cowen decreased their price objective on shares of Paychex from $122.00 to $121.00 and set a "hold" rating on the stock in a research note on Wednesday, April 3rd. Wedbush restated a "neutral" rating and set a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Evercore ISI reiterated an "in-line" rating and issued a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $130.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $123.00.

Paychex Profile

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.