Avidian Wealth Solutions LLC Purchases 231 Shares of Paychex, Inc. (NASDAQ:PAYX)

Avidian Wealth Solutions LLC lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 4.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,064 shares of the business services provider’s stock after purchasing an additional 231 shares during the period. Avidian Wealth Solutions LLC’s holdings in Paychex were worth $603,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PAYX. OFI Invest Asset Management bought a new position in Paychex in the 3rd quarter worth $26,000. Carmel Capital Partners LLC purchased a new position in shares of Paychex in the third quarter valued at about $28,000. Larson Financial Group LLC boosted its stake in shares of Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after acquiring an additional 130 shares during the period. Fortis Group Advisors LLC bought a new stake in Paychex during the 3rd quarter valued at approximately $34,000. Finally, Gradient Investments LLC boosted its stake in Paychex by 39.8% in the 3rd quarter. Gradient Investments LLC now owns 351 shares of the business services provider’s stock worth $40,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

NASDAQ:PAYX traded up $0.04 during mid-day trading on Monday, hitting $120.14. The company’s stock had a trading volume of 307,045 shares, compared to its average volume of 1,788,021. The business’s fifty day moving average is $121.48 and its two-hundred day moving average is $120.42. The stock has a market cap of $43.25 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 3.39 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.01. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. Paychex’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the business earned $1.29 earnings per share. Analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Friday, May 10th will be given a dividend of $0.98 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.26%. Paychex’s dividend payout ratio (DPR) is 77.56%.

Paychex declared that its Board of Directors has approved a share repurchase plan on Friday, January 19th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

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.