Jacksonville Wealth Management LLC Buys New Position in Paychex, Inc. (NASDAQ:PAYX)

Jacksonville Wealth Management LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,901 shares of the business services provider’s stock, valued at approximately $828,000. Paychex makes up approximately 0.8% of Jacksonville Wealth Management LLC’s holdings, making the stock its 28th largest holding.

A number of other institutional investors have also recently made changes to their positions in PAYX. Fortitude Family Office LLC increased its stake in Paychex by 42.0% in the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 74 shares during the last quarter. Quarry LP boosted its holdings in shares of Paychex by 152.6% in the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock worth $35,000 after purchasing an additional 177 shares in the last quarter. Quest Partners LLC bought a new position in shares of Paychex during the 3rd quarter valued at about $36,000. Dunhill Financial LLC increased its position in shares of Paychex by 805.9% during the 3rd quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 274 shares during the last quarter. Finally, City Holding Co. purchased a new position in shares of Paychex during the 4th quarter valued at about $42,000. Institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

PAYX opened at $146.11 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market capitalization of $52.61 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 3.95 and a beta of 1.00. The stock’s 50 day moving average price is $142.19 and its 200-day moving average price is $136.16. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 EPS. On average, equities research analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Friday, February 7th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s payout ratio is presently 82.53%.

Analyst Upgrades and Downgrades

PAYX has been the subject of several research reports. JPMorgan Chase & Co. upped their target price on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Jefferies Financial Group upped their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Barclays lifted their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, December 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. Finally, Stifel Nicolaus boosted their target price on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $132.23.

About Paychex

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.