Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,290 shares of the business services provider’s stock after purchasing an additional 728 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Paychex were worth $3,126,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PAYX. Vontobel Holding Ltd. lifted its holdings in shares of Paychex by 1.4% during the third quarter. Vontobel Holding Ltd. now owns 11,319 shares of the business services provider’s stock worth $1,519,000 after purchasing an additional 154 shares during the period. Good Life Advisors LLC raised its position in Paychex by 31.2% in the third quarter. Good Life Advisors LLC now owns 4,142 shares of the business services provider’s stock worth $556,000 after acquiring an additional 986 shares in the last quarter. Bleakley Financial Group LLC raised its position in Paychex by 19.1% in the third quarter. Bleakley Financial Group LLC now owns 8,638 shares of the business services provider’s stock worth $1,159,000 after acquiring an additional 1,384 shares in the last quarter. Secure Asset Management LLC purchased a new position in Paychex in the third quarter worth $433,000. Finally, Drake & Associates LLC raised its position in Paychex by 14.1% in the third quarter. Drake & Associates LLC now owns 4,502 shares of the business services provider’s stock worth $604,000 after acquiring an additional 555 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 19th. Barclays increased their price objective 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, Royal Bank of Canada reiterated a “sector perform” rating and issued a $148.00 price objective on shares of Paychex in a research report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $132.23.

Paychex Trading Down 0.9 %

Shares of PAYX stock opened at $147.25 on Friday. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $151.72. The stock has a market cap of $53.02 billion, a P/E ratio of 31.00, a P/E/G ratio of 4.10 and a beta of 1.00. The business has a fifty day simple moving average of $143.27 and a 200-day simple moving average of $138.69. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. On average, analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Friday, February 7th. Paychex’s dividend payout ratio is presently 82.53%.

About Paychex

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.