Corient Private Wealth LLC Buys 2,706 Shares of Paychex, Inc. (NASDAQ:PAYX)

Corient Private Wealth LLC lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 483,130 shares of the business services provider’s stock after purchasing an additional 2,706 shares during the quarter. Corient Private Wealth LLC owned about 0.13% of Paychex worth $57,546,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in shares of Paychex by 337.3% in the 3rd quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock worth $178,162,000 after purchasing an additional 1,191,539 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Paychex by 229.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock worth $188,655,000 after purchasing an additional 1,136,456 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Paychex by 26.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock worth $303,441,000 after purchasing an additional 554,968 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Paychex by 218.8% in the 4th 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 in the last quarter. Finally, Norges Bank purchased a new stake in shares of Paychex in the 4th quarter worth $33,812,000. 83.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PAYX. Wedbush restated a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Bank of America increased their price target on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. TD Cowen cut their price target on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and a consensus price target of $123.00.

Paychex Trading Down 0.0 %

Paychex stock traded down $0.02 during midday trading on Wednesday, reaching $125.88. The stock had a trading volume of 115,760 shares, compared to its average volume of 1,735,067. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The firm has a market cap of $45.31 billion, a price-to-earnings ratio of 27.43, a price-to-earnings-growth ratio of 3.54 and a beta of 0.93. The company has a fifty day moving average of $121.87 and a 200 day moving average of $121.32.

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

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Friday, May 10th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, May 9th. This is a positive change from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.11%. Paychex’s dividend payout ratio (DPR) is 85.40%.

About Paychex

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.