Access Financial Services Inc. Boosts Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Access Financial Services Inc. boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 8.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,130 shares of the business services provider’s stock after buying an additional 950 shares during the quarter. Access Financial Services Inc.’s holdings in Paychex were worth $1,445,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Strong Tower Advisory Services increased its holdings in Paychex by 4.9% in the fourth quarter. Strong Tower Advisory Services now owns 6,837 shares of the business services provider’s stock valued at $814,000 after buying an additional 319 shares during the last quarter. Ritholtz Wealth Management grew its holdings in shares of Paychex by 1.4% during the fourth quarter. Ritholtz Wealth Management now owns 24,246 shares of the business services provider’s stock worth $2,888,000 after purchasing an additional 323 shares during the last quarter. Trueblood Wealth Management LLC purchased a new position in shares of Paychex during the fourth quarter worth about $342,000. LaFleur & Godfrey LLC grew its holdings in shares of Paychex by 2.6% during the fourth quarter. LaFleur & Godfrey LLC now owns 126,394 shares of the business services provider’s stock worth $15,055,000 after purchasing an additional 3,152 shares during the last quarter. Finally, IFG Advisory LLC grew its holdings in shares of Paychex by 7.1% during the fourth quarter. IFG Advisory LLC now owns 23,092 shares of the business services provider’s stock worth $2,751,000 after purchasing an additional 1,537 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Activity at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.50% of the stock is owned by insiders.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $122.80 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. The company has a market cap of $44.19 billion, a P/E ratio of 27.29, a PEG ratio of 3.29 and a beta of 0.94. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a 50-day moving average price of $121.95 and a 200 day moving average price of $119.51.

Paychex announced that its board has initiated a share buyback plan on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were given a $0.89 dividend. The ex-dividend date was Monday, February 12th. This represents a $3.56 dividend on an annualized basis and a yield of 2.90%. Paychex’s payout ratio is currently 79.11%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Friday, December 22nd. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price objective on shares of Paychex in a report on Tuesday. Barclays dropped their price objective on Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a report on Friday, December 22nd. Citigroup dropped their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, December 26th. Finally, Stifel Nicolaus raised their price target on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $122.77.

Paychex Company Profile

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.