11,102 Shares in Paychex, Inc. (NASDAQ:PAYX) Acquired by JPL Wealth Management LLC

JPL Wealth Management LLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,102 shares of the business services provider’s stock, valued at approximately $1,322,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Larson Financial Group LLC lifted its stake in 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 in the last quarter. Fortis Group Advisors LLC purchased a new position in shares of Paychex during the 3rd quarter valued at about $34,000. Criterion Capital Advisors LLC purchased a new position in shares of Paychex during the 4th quarter valued at about $40,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Paychex during the 4th quarter valued at about $41,000. Finally, JFS Wealth Advisors LLC raised its holdings in shares of Paychex by 47.9% during the 4th quarter. JFS Wealth Advisors LLC now owns 349 shares of the business services provider’s stock valued at $42,000 after buying an additional 113 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Performance

Shares of NASDAQ PAYX traded up $0.92 during midday trading on Wednesday, reaching $126.82. The company had a trading volume of 754,770 shares, compared to its average volume of 1,741,334. The stock has a market cap of $45.65 billion, a P/E ratio of 27.43, a P/E/G ratio of 3.54 and a beta of 0.93. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70. The business’s 50-day simple moving average is $121.87 and its 200 day simple moving average is $121.32. 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 (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS 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 business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company earned $1.29 EPS. The business’s revenue was up 4.2% on a year-over-year basis. On average, analysts forecast that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.09%. This is a boost from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is presently 85.40%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PAYX. Evercore ISI reissued an “in-line” rating and set a $118.00 price objective on shares of Paychex in a report on Tuesday, March 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Tuesday. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target on shares of Paychex in a research note on Wednesday, April 3rd. Bank of America lifted their price target on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. Finally, TD Cowen decreased their price target 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 research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average price target 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.