Confluence Investment Management LLC Buys New Position in Paychex, Inc. (NASDAQ:PAYX)

Confluence Investment Management LLC bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,193,952 shares of the business services provider’s stock, valued at approximately $146,617,000. Paychex accounts for approximately 2.0% of Confluence Investment Management LLC’s investment portfolio, making the stock its 10th biggest holding. Confluence Investment Management LLC owned about 0.33% of Paychex at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in shares of Paychex in the 3rd quarter worth approximately $34,000. Clear Investment Research LLC lifted its position in shares of Paychex by 55.8% in the 4th quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock worth $37,000 after acquiring an additional 110 shares during the period. Criterion Capital Advisors LLC bought a new stake in shares of Paychex in the 4th quarter worth approximately $40,000. Tidemark LLC bought a new stake in shares of Paychex in the 4th quarter worth approximately $40,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Paychex in the 4th quarter worth approximately $41,000. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.5 %

Shares of Paychex stock traded up $0.59 during trading on Tuesday, reaching $125.30. 284,004 shares of the company were exchanged, compared to its average volume of 1,755,187. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a twelve month low of $106.27 and a twelve month high of $129.70. The business has a 50-day moving average price of $122.21 and a 200-day moving average price of $122.03. The firm has a market capitalization of $45.10 billion, a price-to-earnings ratio of 27.20, a P/E/G ratio of 3.38 and a beta of 0.96.

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

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Friday, May 10th were paid a dividend of $0.98 per share. The ex-dividend date was Thursday, May 9th. This is a boost from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.13%. Paychex’s payout ratio is 85.40%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of Paychex stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $124.55, for a total transaction of $2,454,755.95. Following the transaction, the director now directly owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.50% of the stock is owned by insiders.

Paychex Company 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.