Cyndeo Wealth Partners LLC Grows Position in Paychex, Inc. (NASDAQ:PAYX)

Cyndeo Wealth Partners LLC grew its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 9.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 3,380 shares of the business services provider’s stock after purchasing an additional 301 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Paychex were worth $521,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PAYX. Tallon Kerry Patrick bought a new stake in shares of Paychex in the 4th quarter valued at approximately $2,419,000. Brighton Jones LLC lifted its stake in shares of Paychex by 26.3% during the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock worth $801,000 after acquiring an additional 1,190 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Paychex by 27.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 41,275 shares of the business services provider’s stock worth $5,717,000 after acquiring an additional 8,958 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Paychex by 8.6% during the 4th quarter. Vontobel Holding Ltd. now owns 12,293 shares of the business services provider’s stock worth $1,724,000 after acquiring an additional 974 shares during the last quarter. Finally, Principal Securities Inc. lifted its stake in shares of Paychex by 3.6% during the 4th quarter. Principal Securities Inc. now owns 13,338 shares of the business services provider’s stock worth $1,870,000 after acquiring an additional 459 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on PAYX shares. Stifel Nicolaus raised their price objective on Paychex from $141.00 to $156.00 and gave the stock a “hold” rating in a report on Thursday, March 27th. Barclays raised their price objective on Paychex from $140.00 to $155.00 and gave the stock an “equal weight” rating in a report on Monday, March 31st. Cfra Research upgraded Paychex to a “hold” rating in a report on Thursday, March 27th. UBS Group raised 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. Finally, Citigroup raised their price objective on Paychex from $145.00 to $158.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $142.55.

Get Our Latest Report on PAYX

Paychex Trading Down 0.8%

Shares of NASDAQ:PAYX opened at $152.52 on Wednesday. Paychex, Inc. has a 12-month low of $115.40 and a 12-month high of $161.24. The business’s fifty day simple moving average is $151.59 and its 200-day simple moving average is $147.58. The company has a market capitalization of $54.94 billion, a PE ratio of 31.78, a P/E/G ratio of 3.55 and a beta of 0.92. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.19.

Paychex (NASDAQ:PAYXGet Free Report) last announced its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. Paychex had a return on equity of 45.30% and a net margin of 31.99%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $1.38 EPS. The business’s revenue was up 4.8% compared to the same quarter last year. As a group, equities research analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 12th were paid a $1.08 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Paychex’s previous quarterly dividend of $0.98. This represents a $4.32 dividend on an annualized basis and a yield of 2.83%. Paychex’s dividend payout ratio (DPR) is 90.00%.

Insiders Place Their Bets

In other news, Director Joseph M. Velli sold 3,650 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now owns 78,455 shares in the company, valued at $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 11.40% of the company’s stock.

Paychex Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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