Legacy Capital Wealth Partners LLC Has $509,000 Stake in Paychex, Inc. (NASDAQ:PAYX)

Legacy Capital Wealth Partners LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,627 shares of the business services provider’s stock after acquiring an additional 176 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Paychex were worth $509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. International Assets Investment Management LLC grew its stake in Paychex by 38,655.2% in the third quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock valued at $107,340,000 after acquiring an additional 797,843 shares during the period. Barclays PLC lifted its holdings in shares of Paychex by 46.2% in the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider’s stock valued at $234,627,000 after purchasing an additional 552,540 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paychex by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock valued at $1,278,142,000 after purchasing an additional 345,682 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Paychex by 2,404.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 330,844 shares of the business services provider’s stock valued at $46,391,000 after purchasing an additional 317,634 shares in the last quarter. Finally, Unigestion Holding SA lifted its holdings in shares of Paychex by 2,139.2% in the third quarter. Unigestion Holding SA now owns 295,692 shares of the business services provider’s stock valued at $39,667,000 after purchasing an additional 282,487 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PAYX has been the topic of a number of research reports. 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. Barclays boosted their price target on Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $148.00 price target on shares of Paychex in a report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $132.23.

Paychex Price Performance

Paychex stock opened at $147.25 on Monday. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $151.72. The stock’s 50 day moving average is $143.36 and its 200-day moving average is $138.91. 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 capitalization of $53.02 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 4.10 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results 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. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.08 earnings per share. Equities research analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Friday, February 7th. Paychex’s dividend payout ratio is currently 82.53%.

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.