Cibc World Markets Corp Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Cibc World Markets Corp boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 57.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 93,336 shares of the business services provider’s stock after purchasing an additional 34,150 shares during the period. Cibc World Markets Corp’s holdings in Paychex were worth $11,117,000 as of its most recent filing with the SEC.

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

Paychex Price Performance

PAYX traded up $0.19 during trading on Thursday, reaching $121.83. 1,177,263 shares of the company traded hands, compared to its average volume of 1,760,585. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.70. The firm has a fifty day simple moving average of $122.06 and a 200 day simple moving average of $121.82. The company has a market cap of $43.85 billion, a P/E ratio of 26.54, a PEG ratio of 3.37 and a beta of 0.96.

Paychex (NASDAQ:PAYXGet Free Report) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. Paychex’s revenue was up 4.2% on a year-over-year basis. During the same period last year, the company earned $1.29 earnings per share. On average, equities analysts forecast that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Friday, May 10th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 3.22%. This is an increase from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Thursday, May 9th. Paychex’s dividend payout ratio (DPR) is 85.40%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PAYX. Bank of America raised their target price on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research note on Wednesday, April 3rd. Evercore ISI reissued 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 reissued a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research note on Tuesday, May 21st. TD Cowen decreased their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research note on Wednesday, April 3rd. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $123.00.

View Our Latest Stock Report on Paychex

Insider Transactions at Paychex

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 value of $2,454,755.95. Following the transaction, the director now owns 5,383 shares in the company, valued at $670,452.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.50% of the company’s stock.

Paychex Company 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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