Parsons Capital Management Inc. RI Sells 1,160 Shares of Paychex, Inc. (NASDAQ:PAYX)

Parsons Capital Management Inc. RI lowered its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,469 shares of the business services provider’s stock after selling 1,160 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Paychex were worth $3,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Mutual Advisors LLC lifted its holdings in shares of Paychex by 2.6% in the 4th quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock worth $423,000 after acquiring an additional 73 shares during the last quarter. CVA Family Office LLC lifted its holdings in shares of Paychex by 5.6% in the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock worth $186,000 after acquiring an additional 74 shares during the last quarter. Fortitude Family Office LLC lifted its holdings in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares during the last quarter. Kanawha Capital Management LLC lifted its holdings in shares of Paychex by 1.8% in the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after acquiring an additional 75 shares during the last quarter. Finally, Baron Wealth Management LLC lifted its holdings in shares of Paychex by 2.2% in the 3rd quarter. Baron Wealth Management LLC now owns 3,628 shares of the business services provider’s stock worth $487,000 after acquiring an additional 79 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Barclays raised their price target on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, December 23rd. Stifel Nicolaus raised their price target on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 price target on shares of Paychex in a research note on Friday, December 20th. JPMorgan Chase & Co. raised their price target on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Finally, UBS Group raised their target price on shares of Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $132.23.

Paychex Trading Up 0.2 %

Shares of Paychex stock opened at $146.39 on Monday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 12-month low of $114.72 and a 12-month high of $150.71. The firm has a market capitalization of $52.71 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 3.95 and a beta of 1.00. The firm’s 50 day simple moving average is $142.19 and its two-hundred day simple moving average is $136.43.

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, topping analysts’ consensus estimates of $1.12 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.08 earnings per share. Analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s dividend payout ratio (DPR) is presently 82.53%.

About Paychex

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.