Flputnam Investment Management Co. Reduces Stake in Paychex, Inc. $PAYX

Flputnam Investment Management Co. lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 25.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,010 shares of the business services provider’s stock after selling 14,330 shares during the period. Flputnam Investment Management Co.’s holdings in Paychex were worth $4,825,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PAYX. Brighton Jones LLC boosted its position in shares of Paychex by 26.3% during the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after buying an additional 1,190 shares during the period. Bison Wealth LLC boosted its position in shares of Paychex by 3.0% during the fourth quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after buying an additional 117 shares during the period. Woodline Partners LP purchased a new position in shares of Paychex during the first quarter valued at approximately $3,333,000. NewEdge Advisors LLC boosted its position in shares of Paychex by 3.2% during the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after buying an additional 1,290 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Paychex by 47.1% during the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock valued at $22,790,000 after buying an additional 50,169 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 0.4%

Shares of NASDAQ PAYX opened at $94.43 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market capitalization of $33.83 billion, a price-to-earnings ratio of 20.80 and a beta of 0.84. The stock has a 50 day moving average price of $92.18 and a 200 day moving average price of $100.96. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $161.24.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. Paychex had a return on equity of 48.52% and a net margin of 25.84%.Paychex’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.49 earnings per share. Sell-side analysts expect that Paychex, Inc. will post 5.5 earnings per share for the current year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be issued a $1.19 dividend. The ex-dividend date is Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 dividend on an annualized basis and a dividend yield of 5.0%. Paychex’s dividend payout ratio (DPR) is presently 104.85%.

Analysts Set New Price Targets

Several brokerages have issued reports on PAYX. Wells Fargo & Company dropped their target price on Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. Jefferies Financial Group dropped their target price on Paychex from $110.00 to $105.00 and set a “hold” rating for the company in a research report on Thursday, March 26th. Citigroup dropped their target price on Paychex from $120.00 to $99.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Robert W. Baird dropped their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Finally, Argus upgraded Paychex to a “strong-buy” rating in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $106.38.

About Paychex

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.