Paychex, Inc. $PAYX Shares Sold by Marshall Financial Group LLC

Marshall Financial Group LLC reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 74.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,117 shares of the business services provider’s stock after selling 6,207 shares during the period. Marshall Financial Group LLC’s holdings in Paychex were worth $238,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PAYX. Vanguard Group Inc. raised its stake in shares of Paychex by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 37,765,468 shares of the business services provider’s stock worth $4,787,151,000 after buying an additional 5,549,511 shares in the last quarter. Norges Bank bought a new position in Paychex during the second quarter valued at about $302,244,000. Voloridge Investment Management LLC acquired a new position in Paychex during the third quarter worth about $117,809,000. Marshall Wace LLP grew its holdings in Paychex by 179.5% during the second quarter. Marshall Wace LLP now owns 1,078,328 shares of the business services provider’s stock worth $156,854,000 after acquiring an additional 692,533 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Paychex by 29.2% in the second quarter. JPMorgan Chase & Co. now owns 2,542,901 shares of the business services provider’s stock worth $369,901,000 after acquiring an additional 574,337 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Up 1.0%

Shares of PAYX opened at $93.50 on Tuesday. The business’s 50-day moving average price is $98.10 and its 200 day moving average price is $111.83. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $33.56 billion, a P/E ratio of 21.20 and a beta of 0.91. Paychex, Inc. has a 1-year low of $86.89 and a 1-year high of $161.24.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Friday, December 19th. The business services provider reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. Paychex had a net margin of 26.45% and a return on equity of 46.38%. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis. Analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex declared that its board has approved a share repurchase program on Friday, January 16th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Wednesday, January 28th were issued a dividend of $1.08 per share. The ex-dividend date was Wednesday, January 28th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.6%. Paychex’s payout ratio is currently 97.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PAYX shares. Morgan Stanley cut their price target on shares of Paychex from $133.00 to $123.00 and set an “equal weight” rating for the company in a report on Monday, December 22nd. Cantor Fitzgerald upgraded shares of Paychex to a “strong sell” rating in a report on Tuesday, January 27th. Argus cut their target price on shares of Paychex from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, January 2nd. Wells Fargo & Company cut their target price on shares of Paychex from $128.00 to $116.00 and set an “underweight” rating for the company in a research note on Tuesday, December 9th. Finally, Stephens decreased their price target on shares of Paychex from $135.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $121.38.

Paychex Company Profile

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.