Paychex, Inc. (NASDAQ:PAYX) Stock Holdings Lessened by Ifrah Financial Services Inc.

Ifrah Financial Services Inc. trimmed its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,869 shares of the business services provider’s stock after selling 156 shares during the quarter. Ifrah Financial Services Inc.’s holdings in Paychex were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Paychex by 0.6% during the third quarter. Vanguard Group Inc. now owns 29,931,007 shares of the business services provider’s stock valued at $3,451,943,000 after acquiring an additional 170,453 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Paychex by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,797,671 shares of the business services provider’s stock valued at $783,975,000 after acquiring an additional 178,316 shares in the last quarter. Northern Trust Corp raised its position in Paychex by 5.8% during the third quarter. Northern Trust Corp now owns 4,481,555 shares of the business services provider’s stock valued at $516,858,000 after acquiring an additional 246,791 shares in the last quarter. Morgan Stanley raised its position in Paychex by 5.3% during the third quarter. Morgan Stanley now owns 3,598,560 shares of the business services provider’s stock valued at $415,022,000 after acquiring an additional 182,648 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Paychex by 26.7% during the third quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock valued at $303,441,000 after purchasing an additional 554,968 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of Paychex stock traded up $1.65 during midday trading on Friday, hitting $120.10. The company had a trading volume of 1,540,545 shares, compared to its average volume of 1,951,709. The business’s 50 day simple moving average is $121.48 and its two-hundred day simple moving average is $120.40. The stock has a market cap of $43.23 billion, a PE ratio of 26.17, a P/E/G ratio of 3.34 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company earned $1.29 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts predict that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex announced that its board has authorized a share buyback program on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a yield of 3.26%. This is an increase from Paychex’s previous quarterly dividend of $0.89. Paychex’s payout ratio is currently 77.56%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PAYX. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Bank of America increased their price target on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Wedbush reiterated a “neutral” rating and set a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and set a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. Finally, TD Cowen lowered their price target on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.