Barclays PLC Sells 633,610 Shares of Paychex, Inc. $PAYX

Barclays PLC lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 34.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,222,547 shares of the business services provider’s stock after selling 633,610 shares during the period. Barclays PLC’s holdings in Paychex were worth $137,145,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PAYX. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Paychex during the 3rd quarter worth about $27,000. Cornerstone Planning Group LLC boosted its stake in shares of Paychex by 957.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after buying an additional 268 shares during the last quarter. Stance Capital LLC acquired a new position in shares of Paychex during the 3rd quarter worth about $31,000. Hilton Head Capital Partners LLC acquired a new position in shares of Paychex during the 4th quarter worth about $31,000. Finally, Kingdom Financial Group LLC. acquired a new position in shares of Paychex during the 4th quarter worth about $33,000. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.3%

Shares of NASDAQ:PAYX opened at $100.90 on Tuesday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $154.90. The company has a market capitalization of $36.15 billion, a P/E ratio of 22.22 and a beta of 0.84. The company has a 50-day simple moving average of $94.13 and a 200 day simple moving average of $99.93. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the business posted $1.49 EPS. Paychex’s revenue was up 19.9% on a year-over-year basis. Sell-side analysts forecast that Paychex, Inc. will post 5.5 earnings per share for the current year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 4.7%. This is a boost from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date was Wednesday, May 13th. Paychex’s dividend payout ratio (DPR) is 104.85%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of a number of recent research reports. Guggenheim initiated coverage on shares of Paychex in a research note on Thursday, March 19th. They set a “neutral” rating for the company. Morgan Stanley reduced their price objective on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. Stephens cut their target price on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, March 26th. Finally, Wells Fargo & Company cut their target price on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Paychex currently has an average rating of “Hold” and a consensus target price of $109.19.

Paychex Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.