41,137 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Dakota Wealth Management

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.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. Research analysts forecast that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

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.

TRADEMARK VIOLATION WARNING: “41,137 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Dakota Wealth Management” was posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this piece can be accessed at https://www.baseballdailydigest.com/news/2019/05/11/dakota-wealth-management-purchases-shares-of-41137-paychex-inc-payx.html.

About Paychex

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.

See Also: Balance Sheet

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.