SouthState Corp Reduces Holdings in Paychex, Inc. (NASDAQ:PAYX)

SouthState Corp reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 5.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,350 shares of the business services provider’s stock after selling 437 shares during the quarter. SouthState Corp’s holdings in Paychex were worth $1,171,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Monument Capital Management increased its holdings in shares of Paychex by 4.4% in the fourth quarter. Monument Capital Management now owns 1,714 shares of the business services provider’s stock valued at $240,000 after purchasing an additional 72 shares during the period. Mutual Advisors LLC raised its position in Paychex by 2.6% during the 4th quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock worth $423,000 after buying an additional 73 shares during the last quarter. Emerald Advisors LLC increased its stake in shares of Paychex by 2.5% in the fourth quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider’s stock worth $423,000 after acquiring an additional 74 shares during the period. Weaver Capital Management LLC raised its holdings in shares of 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 purchasing an additional 75 shares during the last quarter. Finally, Adero Partners LLC lifted its position in Paychex by 3.2% during the fourth quarter. Adero Partners LLC now owns 2,391 shares of the business services provider’s stock valued at $335,000 after purchasing an additional 75 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $147.99 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $53.29 billion, a PE ratio of 31.16, a PEG ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a one year low of $114.72 and a one year high of $158.37. The firm has a fifty day moving average of $147.30 and a 200 day moving average of $142.39.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share 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 firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.08 EPS. Paychex’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Friday, February 7th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, February 7th. Paychex’s payout ratio is 82.53%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PAYX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. Barclays raised their target price on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, December 23rd. JPMorgan Chase & Co. boosted their price target on Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a report on Tuesday, November 19th. Finally, UBS Group raised their price objective on shares of Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, Paychex has a consensus rating of “Hold” and a consensus target price of $133.23.

About Paychex

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.