Modern Wealth Management LLC Has $3.04 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Modern Wealth Management LLC reduced its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.7% in the 4th quarter, HoldingsChannel reports. The fund owned 20,687 shares of the business services provider’s stock after selling 363 shares during the period. Modern Wealth Management LLC’s holdings in Paychex were worth $3,041,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Quest Partners LLC bought a new position in Paychex during the 3rd quarter worth $36,000. Larson Financial Group LLC lifted its stake in shares of Paychex by 23.6% in the third quarter. Larson Financial Group LLC now owns 613 shares of the business services provider’s stock worth $82,000 after acquiring an additional 117 shares during the period. Summit Trail Advisors LLC boosted its holdings in Paychex by 52.1% in the third quarter. Summit Trail Advisors LLC now owns 8,505 shares of the business services provider’s stock valued at $1,141,000 after acquiring an additional 2,914 shares during the last quarter. DRW Securities LLC acquired a new stake in Paychex during the 3rd quarter valued at approximately $508,000. Finally, Brown Brothers Harriman & Co. raised its holdings in Paychex by 0.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 9,881 shares of the business services provider’s stock worth $1,326,000 after purchasing an additional 86 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of PAYX opened at $144.13 on Wednesday. Paychex, Inc. has a one year low of $114.72 and a one year high of $158.37. The company has a market cap of $51.90 billion, a PE ratio of 30.34, a P/E/G ratio of 4.10 and a beta of 0.98. The stock has a 50-day moving average of $147.91 and a 200-day moving average of $142.99. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were issued a dividend of $0.98 per share. 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%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Barclays increased their price target on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, December 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $148.00 price objective 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 issued a hold rating to the stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus price target of $133.23.

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.