Paychex, Inc. $PAYX Shares Purchased by Godsey & Gibb Inc.

Godsey & Gibb Inc. boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 14.4% during the first quarter, HoldingsChannel.com reports. The firm owned 187,744 shares of the business services provider’s stock after acquiring an additional 23,660 shares during the period. Godsey & Gibb Inc.’s holdings in Paychex were worth $17,295,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Paychex during the 3rd quarter valued at $27,000. Stance Capital LLC purchased a new position in shares of Paychex in the 3rd quarter worth $31,000. Hilton Head Capital Partners LLC purchased a new position in shares of Paychex in the 4th quarter worth $31,000. Caitlin John LLC acquired a new position in Paychex in the third quarter valued at $36,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in Paychex in the third quarter valued at $37,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Trading Up 2.1%

PAYX opened at $97.99 on Wednesday. The firm’s 50 day moving average is $95.13 and its 200-day moving average is $99.36. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $152.57. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $35.11 billion, a P/E ratio of 21.58 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.49 earnings per share. Analysts expect that Paychex, Inc. will post 5.49 EPS for the current fiscal year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.19 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 dividend on an annualized basis and a yield of 4.9%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is presently 104.85%.

Analysts Set New Price Targets

PAYX has been the subject of a number of research reports. Jefferies Financial Group lowered their price target on Paychex from $110.00 to $105.00 and set a “hold” rating for the company in a research report on Thursday, March 26th. TD Cowen lifted their price objective on Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. Morgan Stanley reduced their price objective on Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 28th. Argus upgraded Paychex to a “strong-buy” rating in a report on Friday, March 27th. Finally, Robert W. Baird dropped their target price on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus price target of $105.07.

Paychex Profile

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.