Azimuth Capital Investment Management LLC Acquires 16,543 Shares of Paychex, Inc. (NASDAQ:PAYX)

Azimuth Capital Investment Management LLC boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 50.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,353 shares of the business services provider’s stock after buying an additional 16,543 shares during the period. Azimuth Capital Investment Management LLC’s holdings in Paychex were worth $5,878,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Outlook Wealth Advisors LLC bought a new stake in Paychex during the fourth quarter valued at $214,000. Cerity Partners LLC lifted its stake in Paychex by 80.2% during the fourth quarter. Cerity Partners LLC now owns 343,269 shares of the business services provider’s stock worth $40,887,000 after purchasing an additional 152,818 shares during the last quarter. BKM Wealth Management LLC bought a new stake in Paychex during the fourth quarter worth about $1,229,000. Sequoia Financial Advisors LLC lifted its stake in Paychex by 366.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 20,863 shares of the business services provider’s stock worth $2,485,000 after purchasing an additional 16,391 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Paychex by 218.8% during the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after purchasing an additional 466,890 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.6 %

NASDAQ:PAYX traded up $0.75 during mid-day trading on Friday, reaching $122.58. 1,975,860 shares of the company’s stock traded hands, compared to its average volume of 1,762,359. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.70. The firm has a market capitalization of $44.12 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. The company has a 50 day moving average price of $122.06 and a 200-day moving average price of $121.82.

Paychex (NASDAQ:PAYXGet Free Report) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share 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 firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the business earned $1.29 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, sell-side analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were issued a dividend of $0.98 per share. This is an increase from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date was Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.20%. Paychex’s dividend payout ratio is 85.40%.

Insiders Place Their Bets

In other Paychex news, Director David J. S. Flaschen sold 19,709 shares of the company’s stock in a transaction that occurred on 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 owns 5,383 shares in the company, valued at approximately $670,452.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PAYX. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a report on Tuesday, May 21st. TD Cowen decreased their price objective 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 issued a $115.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Finally, Bank of America lifted their price objective on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $123.00.

Get Our Latest Stock Analysis on Paychex

About Paychex

(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.

See Also

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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