Citizens Financial Group Inc RI lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 24.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,332 shares of the business services provider’s stock after purchasing an additional 462 shares during the quarter. Citizens Financial Group Inc RI’s holdings in Paychex were worth $147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new stake in shares of Paychex in the fourth quarter worth approximately $25,000. Stonebridge Financial Planning Group LLC acquired a new position in Paychex in the fourth quarter worth approximately $26,000. Laurel Wealth Advisors LLC acquired a new position in Paychex in the fourth quarter worth approximately $28,000. Raab & Moskowitz Asset Management LLC acquired a new position in Paychex in the fourth quarter worth approximately $32,000. Finally, Savior LLC acquired a new position in Paychex in the fourth quarter worth approximately $34,000. 67.99% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on PAYX. Stifel Nicolaus dropped their price objective on Paychex from $87.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Citigroup downgraded Paychex from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a report on Wednesday, March 18th. JPMorgan Chase & Co. dropped their price objective on Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a report on Wednesday, March 18th. BidaskClub downgraded Paychex from a “hold” rating to a “sell” rating in a report on Thursday, March 19th. Finally, Robert W. Baird dropped their price objective on Paychex from $87.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday, March 26th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $70.82.
Shares of PAYX stock opened at $67.58 on Friday. Paychex, Inc. has a 12 month low of $47.87 and a 12 month high of $90.54. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $65.71 and its two-hundred day moving average is $78.00. The company has a market cap of $24.18 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 25th. The business services provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.95 by $0.02. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Paychex had a return on equity of 41.68% and a net margin of 26.98%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.89 earnings per share. As a group, equities analysts expect that Paychex, Inc. will post 3 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Friday, May 15th will be paid a $0.62 dividend. The ex-dividend date is Thursday, May 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.67%. Paychex’s payout ratio is 87.32%.
In related news, Director Tom Bonadio acquired 1,650 shares of the stock in a transaction dated Friday, March 27th. The shares were acquired at an average price of $60.59 per share, for a total transaction of $99,973.50. Following the completion of the purchase, the director now owns 15,157 shares in the company, valued at approximately $918,362.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.70% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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