GYL Financial Synergies LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,286 shares of the business services provider’s stock, valued at approximately $264,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. IMS Capital Management raised its position in shares of Paychex by 3.7% during the first quarter. IMS Capital Management now owns 11,152 shares of the business services provider’s stock worth $894,000 after acquiring an additional 397 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Paychex during the first quarter worth $203,000. Thor Advisors LLC acquired a new stake in shares of Paychex during the first quarter worth $64,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Paychex by 0.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 67,134 shares of the business services provider’s stock worth $5,385,000 after purchasing an additional 309 shares during the period. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of Paychex during the first quarter worth $2,367,000. 69.66% of the stock is currently owned by hedge funds and other institutional investors.
PAYX has been the subject of a number of analyst reports. Sanford C. Bernstein cut Encana from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Bank of America initiated coverage on Guangshen Railway Co. Ltd ADR Class H in a research note on Wednesday, June 26th. They set an “underperform” rating for the company. Credit Suisse Group raised Mosaic from an “underperform” rating to a “neutral” rating and set a $27.49 target price for the company in a research note on Thursday, March 28th. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Finally, BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a research report on Sunday, June 30th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $75.08.
NASDAQ:PAYX traded up $0.39 on Friday, hitting $85.72. The company’s stock had a trading volume of 1,747,240 shares, compared to its average volume of 2,398,062. Paychex, Inc. has a one year low of $61.32 and a one year high of $88.43. The firm has a fifty day moving average of $85.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.11. The company has a market cap of $30.64 billion, a price-to-earnings ratio of 30.18, a P/E/G ratio of 3.07 and a beta of 0.86.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 26th. The business services provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a net margin of 27.42% and a return on equity of 40.99%. The firm had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. During the same period in the previous year, the company posted $0.61 EPS. Paychex’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts anticipate that Paychex, Inc. will post 3.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 1st will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Wednesday, July 31st. Paychex’s dividend payout ratio is currently 87.32%.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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