Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by ARS Wealth Advisors Group LLC

ARS Wealth Advisors Group LLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 14.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,089 shares of the business services provider’s stock after acquiring an additional 257 shares during the quarter. ARS Wealth Advisors Group LLC’s holdings in Paychex were worth $249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PAYX. OFI Invest Asset Management acquired a new position in shares of Paychex during the 3rd quarter worth approximately $26,000. Carmel Capital Partners LLC acquired a new position in Paychex during the third quarter worth $28,000. Larson Financial Group LLC grew its holdings in Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in shares of Paychex in the 3rd quarter worth $34,000. Finally, Gradient Investments LLC raised its holdings in shares of Paychex by 39.8% during the 3rd quarter. Gradient Investments LLC now owns 351 shares of the business services provider’s stock worth $40,000 after acquiring an additional 100 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Up 1.4 %

Paychex stock traded up $1.65 during midday trading on Friday, reaching $120.10. 1,540,545 shares of the stock traded hands, compared to its average volume of 1,951,709. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm has a market cap of $43.23 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 3.34 and a beta of 0.93. The company has a 50-day simple moving average of $121.48 and a two-hundred day simple moving average of $120.40. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company posted $1.29 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. Research analysts expect that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its Board of Directors has approved a share buyback program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.98 per share. This is an increase from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date is Thursday, May 9th. This represents a $3.92 annualized dividend and a yield of 3.26%. Paychex’s dividend payout ratio is 77.56%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PAYX shares. Evercore ISI reissued an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a report on Tuesday, March 26th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Bank of America lifted their price target on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research report on Wednesday, April 3rd. Wedbush reiterated a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Finally, TD Cowen reduced their target price on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $123.00.

About Paychex

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.