Dakota Wealth Management bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 41,137 shares of the business services provider’s stock, valued at approximately $182,000.
A number of other institutional investors have also recently made changes to their positions in PAYX. Pinnacle Bank raised its position in shares of Paychex by 2.5% during the 1st quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock worth $409,000 after acquiring an additional 125 shares in the last quarter. Exeter Financial LLC raised its position in shares of Paychex by 1.0% during the 1st quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after acquiring an additional 128 shares in the last quarter. Clifford Swan Investment Counsel LLC raised its position in shares of Paychex by 2.3% during the 4th quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after acquiring an additional 145 shares in the last quarter. Hollencrest Capital Management raised its position in shares of Paychex by 4.3% during the 1st quarter. Hollencrest Capital Management now owns 3,537 shares of the business services provider’s stock worth $284,000 after acquiring an additional 146 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its position in shares of Paychex by 1.1% during the 1st quarter. DAVENPORT & Co LLC now owns 13,612 shares of the business services provider’s stock worth $1,092,000 after acquiring an additional 153 shares in the last quarter. Institutional investors own 68.83% of the company’s stock.
Shares of NASDAQ:PAYX traded up $0.77 during trading on Friday, reaching $85.08. The company had a trading volume of 1,591,543 shares, compared to its average volume of 1,475,639. The firm has a market cap of $30.27 billion, a P/E ratio of 33.36, a PEG ratio of 3.28 and a beta of 1.04. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $85.17.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Wednesday, May 15th will be paid a $0.62 dividend. The ex-dividend date is Tuesday, May 14th. This is an increase from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.91%. Paychex’s payout ratio is 87.84%.
Several equities research analysts have recently weighed in on the company. Barclays raised their target price on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Credit Suisse Group raised their target price on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Finally, Sanford C. Bernstein lowered Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Paychex presently has a consensus rating of “Hold” and an average target price of $74.14.
In related news, Director Pamela A. Joseph sold 19,154 shares of Paychex stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $81.19, for a total value of $1,555,113.26. Following the sale, the director now directly owns 13,448 shares in the company, valued at $1,091,843.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Martin Mucci sold 50,000 shares of Paychex stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $76.00, for a total value of $3,800,000.00. Following the completion of the sale, the chief executive officer now owns 349,929 shares in the company, valued at $26,594,604. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 176,671 shares of company stock worth $14,022,221. Company insiders own 11.80% 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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