Intech Investment Management LLC Boosts Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Intech Investment Management LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 50.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,236 shares of the business services provider’s stock after acquiring an additional 18,104 shares during the period. Intech Investment Management LLC’s holdings in Paychex were worth $6,460,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Larson Financial Group LLC raised its stake in shares of Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after buying an additional 130 shares in the last quarter. Fortis Group Advisors LLC purchased a new position in Paychex in the 3rd quarter valued at approximately $34,000. Criterion Capital Advisors LLC purchased a new position in Paychex in the 4th quarter valued at approximately $40,000. Tidemark LLC acquired a new stake in Paychex during the 4th quarter valued at $40,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in Paychex during the 4th quarter valued at $41,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. TD Cowen lowered their target price on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Wedbush reiterated a “neutral” rating and set a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Tuesday, May 21st. Bank of America increased their target price on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Finally, Evercore ISI reiterated an “in-line” rating and set a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $123.00.

Paychex Stock Down 1.1 %

NASDAQ:PAYX traded down $1.43 during mid-day trading on Friday, reaching $124.23. The stock had a trading volume of 1,354,383 shares, compared to its average volume of 1,539,131. The company has a market capitalization of $44.72 billion, a price-to-earnings ratio of 27.07, a price-to-earnings-growth ratio of 3.64 and a beta of 0.93. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The stock’s 50 day simple moving average is $122.13 and its two-hundred day simple moving average is $121.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. Paychex’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Friday, May 10th will be issued a dividend of $0.98 per share. This is a boost from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.92 annualized dividend and a yield of 3.16%. Paychex’s payout ratio is presently 85.40%.

Paychex Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.