WealthTrak Capital Management LLC Acquires New Shares in Paychex, Inc. (NASDAQ:PAYX)

WealthTrak Capital Management LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, Holdings Channel reports. The fund bought 203 shares of the business services provider’s stock, valued at approximately $28,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Intrust Bank NA grew its holdings in Paychex by 4.8% during the fourth quarter. Intrust Bank NA now owns 2,578 shares of the business services provider’s stock valued at $361,000 after purchasing an additional 119 shares during the period. Allstate Corp acquired a new position in shares of Paychex in the 4th quarter valued at $1,370,000. Maridea Wealth Management LLC bought a new stake in shares of Paychex in the 4th quarter valued at $425,000. DnB Asset Management AS raised its stake in Paychex by 0.3% during the 4th quarter. DnB Asset Management AS now owns 170,322 shares of the business services provider’s stock worth $23,883,000 after buying an additional 561 shares during the period. Finally, Level Four Advisory Services LLC lifted its holdings in Paychex by 7.5% during the fourth quarter. Level Four Advisory Services LLC now owns 3,595 shares of the business services provider’s stock worth $504,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $151.03 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’s fifty day simple moving average is $148.22 and its 200 day simple moving average is $143.23. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $158.37. The company has a market cap of $54.38 billion, a price-to-earnings ratio of 31.80, a PEG ratio of 4.10 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.01. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business earned $1.38 EPS. Paychex’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were given a $0.98 dividend. The ex-dividend date was Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.60%. Paychex’s payout ratio is 81.67%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PAYX. Citigroup increased their price target on Paychex from $145.00 to $158.00 and gave the stock a “neutral” rating in a report on Thursday. Stifel Nicolaus raised their target price on shares of Paychex from $141.00 to $156.00 and gave the stock a “hold” rating in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $148.00 price target on shares of Paychex in a research note on Friday, December 20th. UBS Group increased their price objective on shares of Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, Barclays upped their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $137.58.

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.