Paychex, Inc. (NASDAQ:PAYX) Stake Increased by CWA Asset Management Group LLC

CWA Asset Management Group LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 33.6% during the fourth quarter, HoldingsChannel reports. The fund owned 15,962 shares of the business services provider’s stock after acquiring an additional 4,010 shares during the quarter. CWA Asset Management Group LLC’s holdings in Paychex were worth $2,238,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in shares of Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in Paychex during the 2nd quarter worth approximately $30,000. Fortitude Family Office LLC grew its position in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares in the last quarter. Quarry LP grew its position in shares of Paychex by 152.6% in the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock worth $35,000 after acquiring an additional 177 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Paychex during the 3rd quarter valued at approximately $36,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PAYX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 price objective on shares of Paychex in a report on Friday, December 20th. Stifel Nicolaus increased their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lifted their target price on Paychex from $125.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Barclays increased their price target on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, December 23rd. Finally, Morgan Stanley boosted their price objective on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $132.23.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 26,428 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This trade represents a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This represents a 42.84 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.40% of the company’s stock.

Paychex Stock Performance

Shares of PAYX opened at $136.06 on Tuesday. The firm has a market capitalization of $48.99 billion, a PE ratio of 29.01, a P/E/G ratio of 3.88 and a beta of 1.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $142.40 and a 200 day moving average price of $134.06. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.08 earnings per share. On average, sell-side analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were issued a $0.98 dividend. The ex-dividend date was Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.88%. Paychex’s dividend payout ratio (DPR) is 82.53%.

Paychex Profile

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.