Fideuram Asset Management Ireland dac Purchases New Position in Paychex, Inc. $PAYX

Fideuram Asset Management Ireland dac purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 6,998 shares of the business services provider’s stock, valued at approximately $785,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Vermillion & White Wealth Management Group LLC bought a new stake in Paychex during the 3rd quarter worth $27,000. Cornerstone Planning Group LLC grew its position in Paychex by 957.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after acquiring an additional 268 shares during the last quarter. Stance Capital LLC bought a new stake in Paychex during the 3rd quarter worth $31,000. MMA Asset Management LLC bought a new stake in Paychex during the 3rd quarter worth $32,000. Finally, Kingdom Financial Group LLC. bought a new stake in Paychex during the 4th quarter worth $33,000. 83.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. UBS Group reduced their price objective on Paychex from $98.00 to $94.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Guggenheim assumed coverage on Paychex in a research report on Thursday, March 19th. They set a “neutral” rating on the stock. TD Cowen upgraded Paychex to a “hold” rating in a research report on Monday, May 18th. Wells Fargo & Company reduced their price objective on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $106.38.

Paychex Trading Up 1.5%

NASDAQ PAYX opened at $96.98 on Friday. The business’s 50-day moving average price is $92.37 and its two-hundred day moving average price is $100.82. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $161.24. The firm has a market capitalization of $34.75 billion, a PE ratio of 21.36 and a beta of 0.84. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.13.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the company posted $1.49 EPS. The business’s revenue was up 19.9% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were given a $1.19 dividend. This is a boost from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.9%. Paychex’s dividend payout ratio is presently 104.85%.

About Paychex

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.