CIBC Private Wealth Group LLC Buys 82 Shares of Paychex, Inc. (NASDAQ:PAYX)

CIBC Private Wealth Group LLC increased its position in Paychex, Inc. (NASDAQ:PAYX) by 0.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 38,292 shares of the business services provider’s stock after acquiring an additional 82 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Paychex were worth $5,371,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Union Bancaire Privee UBP SA bought a new position in shares of Paychex in the fourth quarter worth approximately $28,000. WealthTrak Capital Management LLC bought a new stake in shares of Paychex during the fourth quarter valued at approximately $28,000. Millstone Evans Group LLC purchased a new position in Paychex in the 4th quarter worth approximately $33,000. Avion Wealth lifted its position in Paychex by 469.8% in the 4th quarter. Avion Wealth now owns 245 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. Finally, MilWealth Group LLC purchased a new stake in Paychex during the 4th quarter valued at $35,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Performance

NASDAQ:PAYX opened at $154.59 on Wednesday. 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 stock has a 50-day simple moving average of $148.56 and a two-hundred day simple moving average of $143.65. The firm has a market capitalization of $55.68 billion, a PE ratio of 32.55, a P/E/G ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $158.37.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, March 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.01. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the firm posted $1.38 EPS. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. Analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors 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 2.54%. The ex-dividend date was Friday, February 7th. Paychex’s dividend payout ratio (DPR) is 81.67%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PAYX shares. Morgan Stanley boosted their price target on Paychex from $137.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 27th. Barclays upped their target price on shares of Paychex from $140.00 to $155.00 and gave the company an “equal weight” rating in a research note on Monday. Cfra Research upgraded shares of Paychex to a “hold” rating in a research note on Thursday, March 27th. Stifel Nicolaus increased their price objective on shares of Paychex from $141.00 to $156.00 and gave the company a “hold” rating in a research report on Thursday, March 27th. Finally, Citigroup lifted their target price on shares of Paychex from $145.00 to $158.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. Two research 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.com, the stock has a consensus rating of “Hold” and a consensus price target of $138.83.

Paychex 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.