State of Michigan Retirement System Acquires 400 Shares of Paychex, Inc. (NASDAQ:PAYX)

State of Michigan Retirement System lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 0.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 96,377 shares of the business services provider’s stock after buying an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in Paychex were worth $11,479,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PAYX. Cornell Pochily Investment Advisors Inc. boosted its position in Paychex by 0.6% during the 3rd quarter. Cornell Pochily Investment Advisors Inc. now owns 15,425 shares of the business services provider’s stock valued at $1,779,000 after buying an additional 86 shares during the period. Griffin Asset Management Inc. raised its stake in shares of Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock valued at $2,171,000 after acquiring an additional 88 shares during the last quarter. Roman Butler Fullerton & Co. raised its stake in shares of Paychex by 2.3% during the third quarter. Roman Butler Fullerton & Co. now owns 4,003 shares of the business services provider’s stock valued at $472,000 after acquiring an additional 91 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Paychex by 6.3% during the first quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider’s stock valued at $209,000 after acquiring an additional 91 shares during the last quarter. Finally, SVB Wealth LLC raised its stake in shares of Paychex by 1.1% during the first quarter. SVB Wealth LLC now owns 8,849 shares of the business services provider’s stock valued at $1,208,000 after acquiring an additional 92 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.4 %

NASDAQ:PAYX opened at $122.08 on Wednesday. The company’s 50 day moving average price is $121.99 and its 200-day moving average price is $119.57. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. The stock has a market cap of $43.93 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 3.29 and a beta of 0.93.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.29 earnings per share. On average, equities research analysts forecast that Paychex, Inc. will post 4.72 earnings per share for the current fiscal year.

Paychex declared that its board has authorized a stock buyback program on Friday, January 19th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.92%. Paychex’s dividend payout ratio (DPR) is 79.11%.

Insider Activity at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. Evercore ISI reiterated an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. TD Cowen reiterated a “market perform” rating and set a $123.00 price target (down previously from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Friday, December 22nd. Finally, Barclays reduced their price target on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $122.77.

View Our Latest Stock Report on PAYX

Paychex Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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