Paychex, Inc. $PAYX Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 9,705,424 shares of the business services provider’s stock after acquiring an additional 78,760 shares during the period. Geode Capital Management LLC’s holdings in Paychex were worth $1,093,958,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PAYX. Vanguard Group Inc. grew its position in shares of Paychex by 17.2% during the third quarter. Vanguard Group Inc. now owns 37,765,468 shares of the business services provider’s stock worth $4,787,151,000 after acquiring an additional 5,549,511 shares during the last quarter. Voloridge Investment Management LLC bought a new position in shares of Paychex during the third quarter worth about $117,809,000. PFA Pension Forsikringsaktieselskab bought a new position in shares of Paychex during the fourth quarter worth about $75,921,000. Select Equity Group L.P. grew its position in shares of Paychex by 15.9% during the second quarter. Select Equity Group L.P. now owns 4,051,413 shares of the business services provider’s stock worth $589,319,000 after acquiring an additional 557,101 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Paychex by 38.1% during the third quarter. Barclays PLC now owns 1,856,157 shares of the business services provider’s stock worth $235,286,000 after acquiring an additional 511,728 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of PAYX opened at $96.98 on Friday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $161.24. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $34.75 billion, a PE ratio of 21.36 and a beta of 0.84. The firm has a 50-day moving average price of $92.37 and a 200 day moving average price of $100.82.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the company earned $1.49 EPS. Paychex’s revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts anticipate that Paychex, Inc. will post 5.5 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio is currently 104.85%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PAYX shares. Citigroup lowered their price target on shares of Paychex from $120.00 to $99.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Morgan Stanley lowered their price target on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 28th. JPMorgan Chase & Co. lowered their price target on shares of Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research report on Thursday. Finally, TD Cowen upgraded shares of Paychex to a “hold” rating in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $106.38.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.