26,439 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by Jackson Wealth Management LLC

Jackson Wealth Management LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, HoldingsChannel reports. The fund acquired 26,439 shares of the business services provider’s stock, valued at approximately $3,707,000.

A number of other institutional investors have also recently added to or reduced their stakes in PAYX. Mutual Advisors LLC lifted its holdings in shares of Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock valued at $423,000 after purchasing an additional 73 shares in the last quarter. CVA Family Office LLC raised its position in shares of Paychex by 5.6% in the third quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock valued at $186,000 after buying an additional 74 shares during the last quarter. Fortitude Family Office LLC boosted its position in Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares during the last quarter. Kanawha Capital Management LLC boosted its position in Paychex by 1.8% during the third quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock worth $575,000 after acquiring an additional 75 shares during the last quarter. Finally, Weaver Capital Management LLC boosted its position in Paychex by 3.7% during the fourth quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider’s stock worth $297,000 after acquiring an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada restated a “sector perform” rating and set a $148.00 target price on shares of Paychex in a research report on Friday, December 20th. Finally, Barclays raised their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $132.23.

Paychex Stock Performance

NASDAQ:PAYX opened at $149.51 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $53.83 billion, a P/E ratio of 31.48, a P/E/G ratio of 4.03 and a beta of 1.00. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The firm’s 50 day moving average is $142.76 and its two-hundred day moving average is $137.52.

Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, December 19th. The business services provider reported $1.14 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the firm posted $1.08 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Friday, February 7th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Friday, February 7th. Paychex’s dividend payout ratio is presently 82.53%.

Paychex Company 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.