SeaCrest Wealth Management LLC Takes $285,000 Position in Paychex, Inc. (PAYX)
SeaCrest Wealth Management LLC purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,183 shares of the business services provider’s stock, valued at approximately $285,000.
A number of other hedge funds also recently made changes to their positions in the business. Field & Main Bank acquired a new stake in shares of Paychex in the fourth quarter worth $101,000. Acadian Asset Management LLC acquired a new stake in shares of Paychex in the fourth quarter worth $109,000. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Paychex in the third quarter worth $188,000. Yorktown Management & Research Co Inc acquired a new stake in shares of Paychex in the third quarter worth $210,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Paychex in the fourth quarter worth $211,000. Institutional investors own 67.98% of the company’s stock.
Several equities research analysts have recently issued reports on the stock. BMO Capital Markets restated a “hold” rating and issued a $70.00 price objective on shares of Paychex in a research note on Wednesday, January 24th. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target on the stock. in a research note on Tuesday, January 9th. Stifel Nicolaus reiterated a “hold” rating and set a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. Finally, Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research note on Monday, December 4th. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.77.
Shares of Paychex, Inc. (PAYX) opened at $64.16 on Friday. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $73.10. The firm has a market cap of $22,219.22, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 3.32 and a beta of 0.94.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. The firm had revenue of $826.50 million for the quarter, compared to the consensus estimate of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 earnings per share. equities research analysts expect that Paychex, Inc. will post 2.39 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, January 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.12%. Paychex’s payout ratio is presently 85.84%.
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Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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