Paychex, Inc. (NASDAQ:PAYX) Holdings Cut by Wambolt & Associates LLC

Wambolt & Associates LLC reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,431 shares of the business services provider’s stock after selling 606 shares during the period. Wambolt & Associates LLC’s holdings in Paychex were worth $341,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. increased its position in Paychex by 2.4% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,820 shares of the business services provider’s stock worth $1,517,000 after purchasing an additional 256 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Paychex by 13.0% in the 4th quarter. Zions Bancorporation N.A. now owns 29,708 shares of the business services provider’s stock valued at $4,166,000 after buying an additional 3,423 shares in the last quarter. TIAA Trust National Association increased its holdings in Paychex by 11.0% in the fourth quarter. TIAA Trust National Association now owns 6,831 shares of the business services provider’s stock worth $958,000 after buying an additional 678 shares during the last quarter. Ashton Thomas Securities LLC raised its position in Paychex by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider’s stock valued at $446,000 after acquiring an additional 78 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its stake in Paychex by 1.9% in the fourth quarter. Zevenbergen Capital Investments LLC now owns 22,475 shares of the business services provider’s stock valued at $3,151,000 after acquiring an additional 425 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PAYX shares. Barclays raised their price target on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. UBS Group raised their target price on Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research note on Friday, December 20th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $133.23.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $144.13 on Wednesday. The company has a market cap of $51.90 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 4.10 and a beta of 0.98. The business has a 50 day moving average price of $147.91 and a 200 day moving average price of $142.99. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $158.37.

Paychex Announces Dividend

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 of this dividend was Friday, February 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.72%. Paychex’s dividend payout ratio is 82.53%.

Paychex 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.