Corient Private Wealth LLC Purchases 24,053 Shares of Paychex, Inc. $PAYX

Corient Private Wealth LLC boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 811,295 shares of the business services provider’s stock after purchasing an additional 24,053 shares during the period. Corient Private Wealth LLC’s holdings in Paychex were worth $91,012,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Union Savings Bank bought a new position in shares of Paychex during the fourth quarter valued at $126,000. Bayban acquired a new position in Paychex during the 4th quarter worth about $68,000. Pure Financial Advisors LLC grew its position in shares of Paychex by 15.5% in the 4th quarter. Pure Financial Advisors LLC now owns 4,601 shares of the business services provider’s stock valued at $516,000 after buying an additional 617 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Paychex in the fourth quarter valued at about $88,000. Finally, Reflection Asset Management bought a new position in shares of Paychex during the fourth quarter worth about $1,069,000. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on PAYX. Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and upped their target price for the company from $99.00 to $140.00 in a report on Monday, June 15th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. Guggenheim started coverage on Paychex in a research report on Thursday, March 19th. They issued a “neutral” rating for the company. TD Cowen boosted their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. Finally, Wells Fargo & Company decreased their target price on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. One equities research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Paychex has a consensus rating of “Hold” and an average price target of $108.19.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $98.24 on Friday. The business’s 50 day moving average is $94.72 and its 200 day moving average is $99.64. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $152.57. The stock has a market cap of $35.20 billion, a price-to-earnings ratio of 21.64 and a beta of 0.84. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the firm posted $1.49 EPS. Paychex’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that Paychex, Inc. will post 5.49 earnings per share for the current fiscal year.

Paychex Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is currently 104.85%.

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.