Modern Wealth Management LLC Sells 363 Shares of Paychex, Inc. (NASDAQ:PAYX)

Modern Wealth Management LLC lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,687 shares of the business services provider’s stock after selling 363 shares during the quarter. Modern Wealth Management LLC’s holdings in Paychex were worth $3,041,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Union Bancaire Privee UBP SA bought a new stake in Paychex in the 4th quarter valued at about $28,000. Millstone Evans Group LLC acquired a new stake in shares of Paychex in the fourth quarter valued at approximately $33,000. Avion Wealth boosted its stake in shares of Paychex by 469.8% in 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 period. MilWealth Group LLC acquired a new stake in Paychex during the fourth quarter worth approximately $35,000. Finally, Quest Partners LLC bought a new position in Paychex during the 3rd quarter worth $36,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $144.13 on Wednesday. The firm has a 50 day simple moving average of $147.91 and a 200 day simple moving average of $142.99. The company has a market cap of $51.90 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a one year low of $114.72 and a one year high of $158.37. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Friday, February 7th were issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Friday, February 7th. Paychex’s dividend payout ratio (DPR) is 82.53%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PAYX. UBS Group increased their target price on Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $148.00 target price on shares of Paychex in a report on Friday, December 20th. Finally, Barclays upped their price target on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, December 23rd. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $133.23.

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.