Covington Capital Management boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 127,605 shares of the business services provider’s stock after acquiring an additional 926 shares during the period. Covington Capital Management’s holdings in Paychex were worth $8,687,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Crestline Management LP purchased a new position in shares of Paychex in the fourth quarter worth about $1,430,000. Sciencast Management LP purchased a new position in shares of Paychex in the fourth quarter worth about $432,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Paychex by 1.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 63,854 shares of the business services provider’s stock worth $4,347,000 after purchasing an additional 1,002 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Paychex by 9.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 60,122 shares of the business services provider’s stock worth $4,092,000 after purchasing an additional 5,062 shares in the last quarter. Finally, OLD Mission Capital LLC purchased a new position in shares of Paychex in the fourth quarter worth about $571,000. 68.74% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on PAYX. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 target price on shares of Paychex in a research note on Wednesday, January 24th. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 22nd. Bank of America downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price for the company. in a research note on Tuesday, January 9th. Stifel Nicolaus reiterated a “hold” rating and issued a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. Finally, Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price for the company in a research note on Monday, December 4th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $62.77.
Shares of Paychex, Inc. (NASDAQ PAYX) traded down $0.43 during trading hours on Wednesday, reaching $66.29. 48,573 shares of the company traded hands, compared to its average volume of 2,213,949. The stock has a market capitalization of $23,885.84, a PE ratio of 28.64, a P/E/G ratio of 3.55 and a beta of 0.96. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $73.10.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the consensus estimate of $0.59. The company had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. Paychex’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.56 earnings per share. analysts anticipate that Paychex, Inc. will post 2.4 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 3.02%. Paychex’s dividend payout ratio is currently 85.84%.
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Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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