Miller Howard Investments Inc. NY Boosts Position in Paychex, Inc. $PAYX

Miller Howard Investments Inc. NY grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 430,548 shares of the business services provider’s stock after buying an additional 51,477 shares during the period. Miller Howard Investments Inc. NY owned 0.12% of Paychex worth $39,662,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new position in Paychex during the third quarter valued at approximately $27,000. Stance Capital LLC purchased a new stake in Paychex in the 3rd quarter worth approximately $31,000. Hilton Head Capital Partners LLC purchased a new stake in Paychex in the 4th quarter worth approximately $31,000. Caitlin John LLC bought a new position in Paychex in the 3rd quarter valued at $36,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Paychex in the 3rd quarter valued at $37,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $97.99 on Wednesday. The company’s fifty day moving average price is $95.13 and its 200-day moving average price is $99.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $35.11 billion, a price-to-earnings ratio of 21.58 and a beta of 0.84. Paychex, Inc. has a one year low of $85.45 and a one year high of $152.57.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the firm posted $1.49 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. On average, equities research analysts anticipate that Paychex, Inc. will post 5.49 earnings per share for the current fiscal year.

Paychex Increases Dividend

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

Analyst Ratings Changes

PAYX has been the topic of several research analyst reports. Stifel Nicolaus upped their price target on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. Jefferies Financial Group dropped their price objective on Paychex from $110.00 to $105.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. Robert W. Baird reduced their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Morgan Stanley decreased their target price on Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paychex in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Paychex presently has an average rating of “Hold” and an average price target of $105.07.

Paychex Profile

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.