Rathbones Group PLC Acquires 20,233 Shares of Paychex, Inc. $PAYX

Rathbones Group PLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 202,457 shares of the business services provider’s stock after acquiring an additional 20,233 shares during the period. Rathbones Group PLC’s holdings in Paychex were worth $22,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Heartwood Wealth Advisors LLC bought a new position in Paychex during the third quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Paychex in the 3rd quarter valued at approximately $27,000. Stance Capital LLC bought a new stake in shares of Paychex in the 3rd quarter valued at approximately $31,000. MMA Asset Management LLC acquired a new position in shares of Paychex in the 3rd quarter worth approximately $32,000. Finally, Westfuller Advisors LLC acquired a new position in shares of Paychex in the 3rd quarter worth approximately $35,000. Institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Paychex stock opened at $91.70 on Monday. The business’s 50-day simple moving average is $95.05 and its 200 day simple moving average is $109.18. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The stock has a market cap of $32.86 billion, a price-to-earnings ratio of 20.20 and a beta of 0.88. Paychex, Inc. has a 12-month low of $86.89 and a 12-month high of $161.24.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the previous year, the business posted $1.49 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, research analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex declared that its Board of Directors has initiated a share repurchase plan on Friday, January 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Wednesday, January 28th were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Wednesday, January 28th. Paychex’s payout ratio is 95.15%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PAYX shares. Jefferies Financial Group decreased their price target on Paychex from $110.00 to $105.00 and set a “hold” rating on the stock in a research note on Thursday, March 26th. Robert W. Baird cut their price objective on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Cantor Fitzgerald upgraded shares of Paychex to a “strong sell” rating in a research note on Tuesday, January 27th. BMO Capital Markets upped their target price on shares of Paychex to $52.00 and gave the stock an “outperform” rating in a report on Thursday, March 26th. Finally, Argus upgraded shares of Paychex to a “strong-buy” rating in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $108.81.

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.