Naviter Wealth LLC Boosts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Naviter Wealth LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 39.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,650 shares of the business services provider’s stock after acquiring an additional 2,736 shares during the period. Naviter Wealth LLC’s holdings in Paychex were worth $1,353,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PAYX. Union Bancaire Privee UBP SA bought a new stake in shares of Paychex in the fourth quarter worth about $28,000. Avion Wealth boosted its stake in Paychex by 469.8% during the fourth quarter. Avion Wealth now owns 245 shares of the business services provider’s stock valued at $34,000 after buying an additional 202 shares during the last quarter. MilWealth Group LLC purchased a new position in Paychex during the 4th quarter valued at approximately $35,000. Asset Planning Inc bought a new stake in Paychex in the 4th quarter worth approximately $36,000. Finally, Quest Partners LLC purchased a new stake in shares of Paychex during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PAYX shares. Barclays raised their target price on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $148.00 price objective on shares of Paychex in a research note on Friday, December 20th. JPMorgan Chase & Co. boosted their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Finally, UBS Group increased their price target on shares of Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $133.23.

Paychex Stock Up 2.4 %

Shares of NASDAQ PAYX opened at $153.48 on Friday. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $154.98. The firm has a 50-day simple moving average of $146.33 and a two-hundred day simple moving average of $141.54. The company has a market cap of $55.26 billion, a P/E ratio of 32.31, a PEG ratio of 4.10 and a beta of 0.98. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. Paychex’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $1.08 EPS. Research analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, February 7th. Paychex’s dividend payout ratio is currently 82.53%.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.