Guinness Asset Management LTD Acquires 91,342 Shares of Paychex, Inc. $PAYX

Guinness Asset Management LTD increased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,727,194 shares of the business services provider’s stock after acquiring an additional 91,342 shares during the quarter. Paychex comprises about 3.2% of Guinness Asset Management LTD’s investment portfolio, making the stock its 19th biggest holding. Guinness Asset Management LTD owned about 0.48% of Paychex worth $196,350,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PAYX. Vermillion & White Wealth Management Group LLC bought a new position in shares of Paychex in the 3rd quarter worth about $27,000. Cornerstone Planning Group LLC increased its stake in shares of Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after acquiring an additional 268 shares in the last quarter. Stance Capital LLC bought a new position in shares of Paychex in the 3rd quarter worth about $31,000. MMA Asset Management LLC bought a new position in shares of Paychex in the 3rd quarter worth about $32,000. Finally, Kingdom Financial Group LLC. bought a new position in shares of Paychex in the 4th quarter worth about $33,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Stock Up 2.9%

NASDAQ:PAYX opened at $97.00 on Friday. The firm has a market cap of $34.75 billion, a P/E ratio of 21.37 and a beta of 0.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $161.24. The firm has a 50-day simple moving average of $92.01 and a two-hundred day simple moving average of $101.47.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data 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. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. Paychex had a net margin of 25.84% and a return on equity of 48.52%. Paychex’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business earned $1.49 EPS. Analysts predict that Paychex, Inc. will post 5.5 earnings per share for the current fiscal year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, May 13th. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is 104.85%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Guggenheim started coverage on shares of Paychex in a research note on Thursday, March 19th. They issued a “neutral” rating for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Paychex in a research note on Friday, April 24th. Morgan Stanley reduced their price objective on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. Robert W. Baird reduced their price objective on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. Finally, Argus upgraded shares of Paychex to a “strong-buy” rating in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price 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.