Red Door Wealth Management LLC Invests $314,000 in Paychex, Inc. (NASDAQ:PAYX)

Red Door Wealth Management LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, Holdings Channel.com reports. The firm bought 2,237 shares of the business services provider’s stock, valued at approximately $314,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its stake in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 74 shares during the period. Quest Partners LLC bought a new stake in Paychex in the third quarter worth approximately $36,000. Quarry LP lifted its stake in Paychex by 152.6% in the second quarter. Quarry LP now owns 293 shares of the business services provider’s stock valued at $35,000 after buying an additional 177 shares during the period. City Holding Co. bought a new position in shares of Paychex during the 4th quarter worth approximately $42,000. Finally, Dunhill Financial LLC grew its position in shares of Paychex by 805.9% during the 3rd quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock worth $41,000 after buying an additional 274 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PAYX shares. Barclays lifted their price target on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, December 23rd. UBS Group upped their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. TD Cowen raised their price objective on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group upped their target price on Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley increased their target price on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, Paychex currently has an average rating of “Hold” and an average target price of $132.23.

Paychex Stock Performance

NASDAQ PAYX opened at $146.11 on Friday. The company has a fifty day moving average price of $142.12 and a 200-day moving average price of $135.96. The firm has a market cap of $52.61 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 3.95 and a beta of 1.00. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $1.08 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be issued a dividend of $0.98 per share. The ex-dividend date is Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. Paychex’s dividend payout ratio (DPR) is currently 82.53%.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.