Webster Bank N. A. lifted its stake in Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 2.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,589 shares of the business services provider’s stock after buying an additional 811 shares during the quarter. Webster Bank N. A.’s holdings in Paychex were worth $5,266,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors grew its holdings in Paychex by 0.9% during the 4th quarter. Capital International Investors now owns 14,916,781 shares of the business services provider’s stock valued at $2,036,137,000 after buying an additional 132,311 shares in the last quarter. State Street Corp boosted its holdings in shares of Paychex by 4.2% in the fourth quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock valued at $1,895,918,000 after purchasing an additional 553,659 shares during the period. Geode Capital Management LLC grew its position in shares of Paychex by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 7,024,975 shares of the business services provider’s stock worth $957,240,000 after buying an additional 161,041 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Paychex by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,765,531 shares of the business services provider’s stock worth $650,495,000 after acquiring an additional 195,657 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Paychex by 0.7% during the fourth quarter. Invesco Ltd. now owns 2,684,389 shares of the business services provider’s stock valued at $366,420,000 after buying an additional 17,795 shares during the period. Institutional investors own 80.43% of the company’s stock.
PAYX opened at $115.63 on Thursday. The business’s fifty day simple moving average is $124.01 and its 200 day simple moving average is $124.99. Paychex, Inc. has a 52 week low of $102.58 and a 52 week high of $141.92. The firm has a market cap of $41.74 billion, a P/E ratio of 30.83, a PEG ratio of 3.81 and a beta of 0.98. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.24.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th were issued a $0.79 dividend. The ex-dividend date of this dividend was Wednesday, May 11th. This is an increase from Paychex’s previous quarterly dividend of $0.66. This represents a $3.16 annualized dividend and a yield of 2.73%. Paychex’s payout ratio is 84.27%.
A number of brokerages have recently issued reports on PAYX. Cowen reduced their price target on Paychex from $151.00 to $140.00 and set an “outperform” rating on the stock in a research report on Tuesday. Jefferies Financial Group decreased their price target on Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Citigroup boosted their target price on shares of Paychex from $140.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 6th. Cowen lowered their price target on Paychex from $151.00 to $140.00 in a research note on Tuesday. Finally, Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 price objective for the company in a research note on Wednesday, March 9th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Paychex currently has a consensus rating of “Hold” and a consensus price target of $128.67.
In related news, VP Karen E. Saunders-Mcclendon sold 203 shares of Paychex stock in a transaction on Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the transaction, the vice president now owns 2,994 shares in the company, valued at $409,249.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael E. Gioja sold 26,000 shares of Paychex stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total value of $3,672,760.00. Following the completion of the transaction, the vice president now directly owns 52,349 shares in the company, valued at $7,394,819.74. The disclosure for this sale can be found here. 11.50% of the stock is owned by company insiders.
Paychex Company Profile (Get Rating)
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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