Paychex, Inc. $PAYX Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Paychex, Inc. (NASDAQ:PAYX) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,705,424 shares of the business services provider’s stock after purchasing an additional 78,760 shares during the quarter. Geode Capital Management LLC owned approximately 2.70% of Paychex worth $1,093,958,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new position in Paychex during the 3rd quarter worth $27,000. Stance Capital LLC purchased a new stake in shares of Paychex in the third quarter valued at about $31,000. MMA Asset Management LLC purchased a new stake in shares of Paychex in the third quarter valued at about $32,000. Caitlin John LLC purchased a new stake in shares of Paychex in the third quarter valued at about $36,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Paychex in the third quarter valued at about $37,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PAYX has been the subject of a number of research reports. Guggenheim initiated coverage on shares of Paychex in a research report on Thursday, March 19th. They set a “neutral” rating for the company. Wells Fargo & Company cut their price objective on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. Robert W. Baird lowered their target price on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Citigroup lowered their target price on shares of Paychex from $120.00 to $99.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Finally, TD Cowen upgraded shares of Paychex to a “hold” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $106.38.

Paychex Stock Up 1.5%

Shares of NASDAQ:PAYX opened at $96.98 on Friday. The stock has a market capitalization of $34.75 billion, a price-to-earnings ratio of 21.36 and a beta of 0.84. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $161.24. The company’s fifty day moving average is $92.37 and its two-hundred day moving average is $100.82. 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 (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 25th. The business services provider reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.49 earnings per share. Equities analysts anticipate that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were 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%. This is a positive change from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Wednesday, May 13th. Paychex’s dividend payout ratio is currently 104.85%.

About Paychex

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.