Mycio Wealth Partners LLC Boosts Position in Paychex, Inc. (PAYX)
Mycio Wealth Partners LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,622 shares of the business services provider’s stock after acquiring an additional 427 shares during the period. Mycio Wealth Partners LLC’s holdings in Paychex were worth $236,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Buckingham Capital Management Inc. raised its position in Paychex by 1.0% in the 3rd quarter. Buckingham Capital Management Inc. now owns 18,175 shares of the business services provider’s stock valued at $1,339,000 after purchasing an additional 183 shares in the last quarter. Saratoga Research & Investment Management raised its position in Paychex by 2.5% in the 4th quarter. Saratoga Research & Investment Management now owns 7,630 shares of the business services provider’s stock valued at $497,000 after purchasing an additional 185 shares in the last quarter. WealthPLAN Partners LLC raised its position in Paychex by 3.1% in the 3rd quarter. WealthPLAN Partners LLC now owns 6,765 shares of the business services provider’s stock valued at $456,000 after purchasing an additional 204 shares in the last quarter. JGP Wealth Management LLC raised its position in Paychex by 0.8% in the 3rd quarter. JGP Wealth Management LLC now owns 40,439 shares of the business services provider’s stock valued at $2,982,000 after purchasing an additional 319 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in Paychex by 142.1% in the 4th quarter. Legacy Financial Advisors Inc. now owns 644 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 378 shares in the last quarter. 69.66% of the stock is currently owned by hedge funds and other institutional investors.
PAYX has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on Paychex in a research report on Monday, October 1st. They issued a “hold” rating and a $75.00 price target on the stock. Moffett Nathanson initiated coverage on Paychex in a research report on Thursday, October 4th. They issued a “neutral” rating and a $79.00 price target on the stock. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Tuesday, October 2nd. BMO Capital Markets increased their price target on Paychex from $70.00 to $77.00 and gave the company a “market perform” rating in a research report on Wednesday, October 3rd. Finally, Morgan Stanley increased their price target on Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $72.60.
PAYX opened at $69.40 on Wednesday. The company has a market capitalization of $25.10 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 2.80 and a beta of 1.01. Paychex, Inc. has a 12 month low of $59.36 and a 12 month high of $76.02.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $858.90 million during the quarter, compared to analysts’ expectations of $860.61 million. Paychex had a return on equity of 41.61% and a net margin of 27.99%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. Sell-side analysts anticipate that Paychex, Inc. will post 2.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Friday, February 1st will be issued a $0.56 dividend. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.23%. Paychex’s dividend payout ratio is currently 87.84%.
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Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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