CIBC Asset Management Inc Has $25.47 Million Holdings in Paychex, Inc. $PAYX

CIBC Asset Management Inc grew its position in Paychex, Inc. (NASDAQ:PAYX) by 29.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 227,021 shares of the business services provider’s stock after purchasing an additional 51,491 shares during the period. CIBC Asset Management Inc’s holdings in Paychex were worth $25,467,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PAYX. Vermillion & White Wealth Management Group LLC acquired a new position in Paychex in the 3rd quarter worth about $27,000. Cornerstone Planning Group LLC increased its position in Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after purchasing an additional 268 shares during the last quarter. Stance Capital LLC acquired a new position in Paychex in the 3rd quarter worth about $31,000. MMA Asset Management LLC acquired a new position in Paychex in the 3rd quarter worth about $32,000. Finally, Kingdom Financial Group LLC. acquired a new position in Paychex in the 4th quarter worth about $33,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Robert W. Baird dropped their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Stephens dropped their target price on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. Argus upgraded Paychex to a “strong-buy” rating in a research note on Friday, March 27th. Finally, JPMorgan Chase & Co. decreased their price target on Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $106.38.

Paychex Stock Performance

PAYX opened at $98.45 on Thursday. The company has a market cap of $35.27 billion, a PE ratio of 21.69 and a beta of 0.84. The stock has a 50-day moving average of $92.85 and a 200-day moving average of $100.51. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $161.24. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the company posted $1.49 EPS. The firm’s revenue was up 19.9% on a year-over-year basis. As a group, equities research analysts forecast that Paychex, Inc. will post 5.5 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 4.8%. The ex-dividend date was Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio is currently 104.85%.

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.