QRG Capital Management Inc. Has $8.74 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

QRG Capital Management Inc. lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 0.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 62,292 shares of the business services provider’s stock after acquiring an additional 398 shares during the period. QRG Capital Management Inc.’s holdings in Paychex were worth $8,735,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Assenagon Asset Management S.A. raised its holdings in shares of Paychex by 36.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 13,210 shares of the business services provider’s stock valued at $1,773,000 after purchasing an additional 3,544 shares during the period. abrdn plc lifted its position in shares of Paychex by 6.8% in the third quarter. abrdn plc now owns 128,827 shares of the business services provider’s stock valued at $17,313,000 after buying an additional 8,221 shares during the last quarter. Fortitude Family Office LLC boosted its stake in shares of Paychex by 42.0% during the 3rd 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 period. Childress Capital Advisors LLC acquired a new position in shares of Paychex during the 3rd quarter worth approximately $217,000. Finally, First Trust Direct Indexing L.P. lifted its holdings in Paychex by 8.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 20,198 shares of the business services provider’s stock valued at $2,710,000 after purchasing an additional 1,611 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PAYX. Barclays upped their price objective on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $148.00 target price on shares of Paychex in a report on Friday, December 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Paychex has a consensus rating of “Hold” and an average price target of $132.23.

Paychex Stock Down 0.3 %

NASDAQ PAYX opened at $148.76 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $53.56 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 4.10 and a beta of 1.00. The company has a 50 day moving average of $144.99 and a 200-day moving average of $140.30. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $151.86.

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

Paychex Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $3.92 annualized dividend and a yield of 2.64%. Paychex’s dividend payout ratio is 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.