Burns J W & Co. Inc. NY Sells 17,432 Shares of Paychex, Inc. $PAYX

Burns J W & Co. Inc. NY reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 38.8% during the first quarter, HoldingsChannel reports. The firm owned 27,539 shares of the business services provider’s stock after selling 17,432 shares during the period. Burns J W & Co. Inc. NY’s holdings in Paychex were worth $2,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC bought a new position in Paychex during the 3rd quarter valued at about $27,000. Stance Capital LLC bought a new stake in shares of Paychex in the third quarter worth approximately $31,000. Hilton Head Capital Partners LLC bought a new stake in shares of Paychex in the fourth quarter worth approximately $31,000. Caitlin John LLC bought a new stake in shares of Paychex in the third quarter worth approximately $36,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in shares of Paychex during the third quarter valued at approximately $37,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $97.99 on Wednesday. The firm’s 50 day moving average price is $95.13 and its 200-day moving average price is $99.36. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $152.57. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $35.11 billion, a PE ratio of 21.58 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.71 earnings per share (EPS) 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 the consensus estimate 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 quarter last year, the firm posted $1.49 earnings per share. Equities research analysts expect that Paychex, Inc. will post 5.49 EPS for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were given a $1.19 dividend. The ex-dividend date was Wednesday, May 13th. This is a boost from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 annualized dividend and a yield of 4.9%. Paychex’s payout ratio is 104.85%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PAYX shares. Stephens lowered their price objective on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. Guggenheim assumed coverage on shares of Paychex in a research report on Thursday, March 19th. They issued a “neutral” rating for the company. Morgan Stanley decreased their target price on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. JPMorgan Chase & Co. lowered their price target on Paychex from $125.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday, March 26th. Finally, Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and raised their price target for the stock from $99.00 to $140.00 in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.07.

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.