Red Door Wealth Management LLC Makes New $314,000 Investment in Paychex, Inc. (NASDAQ:PAYX)

Red Door Wealth Management LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,237 shares of the business services provider’s stock, valued at approximately $314,000.

Other hedge funds also recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in Paychex by 27.4% during the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock valued at $132,636,000 after purchasing an additional 212,700 shares during the last quarter. Guinness Asset Management LTD lifted its stake in shares of Paychex by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 1,567,667 shares of the business services provider’s stock worth $210,282,000 after buying an additional 68,627 shares during the last quarter. MBB Public Markets I LLC acquired a new stake in shares of Paychex during the 2nd quarter worth about $2,557,000. Blue Trust Inc. boosted its holdings in shares of Paychex by 169.9% during the 3rd quarter. Blue Trust Inc. now owns 7,624 shares of the business services provider’s stock worth $1,023,000 after buying an additional 4,799 shares during the period. Finally, Royal London Asset Management Ltd. grew its stake in Paychex by 2.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 187,663 shares of the business services provider’s stock valued at $25,182,000 after buying an additional 4,157 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Trading Up 0.9 %

Shares of PAYX stock opened at $146.11 on Friday. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The stock’s fifty day moving average price is $142.12 and its two-hundred day moving average price is $135.96. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The company has a market cap of $52.61 billion, a PE ratio of 30.76, a P/E/G ratio of 3.95 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 45.28% and a net margin of 32.02%. Paychex’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share. Equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be given a $0.98 dividend. The ex-dividend date is Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. Paychex’s dividend payout ratio is currently 82.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their price objective on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Stifel Nicolaus boosted their price target on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley increased their price objective on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their target price on shares of Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a research report on Tuesday, November 19th. Finally, Jefferies Financial Group raised their price target on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat, Paychex currently has a consensus rating of “Hold” and a consensus price target of $132.23.

Paychex Company 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.