Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Darwin Wealth Management LLC

Darwin Wealth Management LLC reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.9% during the fourth quarter, HoldingsChannel reports. The firm owned 3,187 shares of the business services provider’s stock after selling 237 shares during the quarter. Darwin Wealth Management LLC’s holdings in Paychex were worth $380,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PAYX. OFI Invest Asset Management acquired a new stake in Paychex in the third quarter valued at $26,000. Carmel Capital Partners LLC acquired a new stake in Paychex in the third quarter valued at $28,000. Larson Financial Group LLC raised its holdings in Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 130 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in Paychex in the third quarter valued at $34,000. Finally, Gradient Investments LLC raised its holdings in Paychex by 39.8% in the third quarter. Gradient Investments LLC now owns 351 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 100 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Evercore ISI reaffirmed an “in-line” rating and issued a $118.00 price target on shares of Paychex in a report on Tuesday, March 26th. TD Cowen dropped their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Bank of America increased their target price on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Wedbush reissued a “neutral” rating and set a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average price target of $123.00.

Paychex Stock Performance

Shares of Paychex stock traded up $1.08 during trading on Thursday, hitting $121.30. 1,460,021 shares of the stock were exchanged, compared to its average volume of 1,772,315. The stock’s fifty day moving average is $121.38 and its 200 day moving average is $120.49. The stock has a market cap of $43.66 billion, a PE ratio of 26.43, a P/E/G ratio of 3.39 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. Paychex’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 EPS. As a group, sell-side analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Friday, May 10th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s dividend payout ratio is currently 85.40%.

Paychex declared that its Board of Directors has initiated a share buyback plan on Friday, January 19th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.