Paychex, Inc. (NASDAQ:PAYX) Stock Holdings Decreased by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its position in Paychex, Inc. (NASDAQ:PAYX) by 6.2% in the 4th quarter, Holdings Channel reports. The fund owned 122,311 shares of the business services provider’s stock after selling 8,112 shares during the period. Corebridge Financial Inc.’s holdings in Paychex were worth $17,150,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Paychex in the fourth quarter valued at $184,216,000. Amundi lifted its stake in Paychex by 77.9% in the 4th quarter. Amundi now owns 1,534,145 shares of the business services provider’s stock worth $215,164,000 after acquiring an additional 672,010 shares in the last quarter. Proficio Capital Partners LLC boosted its position in Paychex by 30,382.8% during the 4th quarter. Proficio Capital Partners LLC now owns 568,809 shares of the business services provider’s stock worth $79,758,000 after acquiring an additional 566,943 shares during the period. Barclays PLC grew its stake in Paychex by 46.2% during the 3rd quarter. Barclays PLC now owns 1,748,485 shares of the business services provider’s stock valued at $234,627,000 after acquiring an additional 552,540 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Paychex by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,044,631 shares of the business services provider’s stock valued at $1,408,458,000 after purchasing an additional 519,761 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Up 1.3 %

PAYX opened at $144.83 on Tuesday. The firm has a market cap of $52.15 billion, a P/E ratio of 30.49, a price-to-earnings-growth ratio of 4.10 and a beta of 0.98. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The business has a 50 day moving average price of $147.86 and a 200 day moving average price of $142.89. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $158.37.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Friday, February 7th. Paychex’s payout ratio is 82.53%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $148.00 price target on shares of Paychex in a report on Friday, December 20th. Barclays boosted their price target 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. Finally, UBS Group increased their price objective on Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $133.23.

Paychex Company Profile

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.