Schaper Benz & Wise Investment Counsel Inc. WI Boosts Holdings in Paychex, Inc. $PAYX

Schaper Benz & Wise Investment Counsel Inc. WI boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 195,639 shares of the business services provider’s stock after buying an additional 10,158 shares during the quarter. Paychex makes up about 1.6% of Schaper Benz & Wise Investment Counsel Inc. WI’s investment portfolio, making the stock its 21st largest holding. Schaper Benz & Wise Investment Counsel Inc. WI owned approximately 0.05% of Paychex worth $21,947,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Viking Fund Management LLC increased its stake in shares of Paychex by 11.6% in the 4th quarter. Viking Fund Management LLC now owns 48,000 shares of the business services provider’s stock worth $5,385,000 after purchasing an additional 5,000 shares in the last quarter. DAVENPORT & Co LLC increased its position in Paychex by 110.5% in the fourth quarter. DAVENPORT & Co LLC now owns 51,903 shares of the business services provider’s stock worth $5,822,000 after purchasing an additional 27,251 shares during the last quarter. Pensionfund Sabic purchased a new position in shares of Paychex in the 4th quarter worth $1,026,000. JGP Wealth Management LLC increased its holdings in shares of Paychex by 0.3% in the 4th quarter. JGP Wealth Management LLC now owns 78,761 shares of the business services provider’s stock worth $8,835,000 after buying an additional 226 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its position in shares of Paychex by 63.7% during the 4th quarter. Salem Investment Counselors Inc. now owns 2,571 shares of the business services provider’s stock valued at $288,000 after buying an additional 1,000 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of PAYX stock opened at $90.61 on Wednesday. The company has a market capitalization of $32.53 billion, a P/E ratio of 20.55 and a beta of 0.91. The company’s 50-day simple moving average is $97.72 and its two-hundred day simple moving average is $111.51. Paychex, Inc. has a one year low of $86.89 and a one year high of $161.24. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.27 and a quick ratio of 1.27.

Paychex announced that its Board of Directors has authorized a stock buyback 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 purchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Wednesday, January 28th were issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 4.8%. The ex-dividend date was Wednesday, January 28th. Paychex’s dividend payout ratio (DPR) is presently 97.96%.

Analyst Ratings Changes

PAYX has been the topic of a number of analyst reports. Wells Fargo & Company cut their price objective on shares of Paychex from $128.00 to $116.00 and set an “underweight” rating on the stock in a research report on Tuesday, December 9th. Jefferies Financial Group set a $110.00 target price on Paychex in a research report on Friday, December 19th. Stifel Nicolaus cut their target price on Paychex from $137.00 to $126.00 and set a “hold” rating on the stock in a research note on Wednesday, December 17th. JPMorgan Chase & Co. reduced their price target on Paychex from $140.00 to $125.00 and set an “underweight” rating on the stock in a report on Monday, December 22nd. Finally, Argus decreased their price target on Paychex from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, January 2nd. One research analyst has rated the stock with a Buy rating, fourteen have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price 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.