Paychex, Inc. $PAYX Shares Acquired by Zions Bancorporation National Association UT

Zions Bancorporation National Association UT raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 55,701.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,039 shares of the business services provider’s stock after acquiring an additional 33,978 shares during the period. Zions Bancorporation National Association UT’s holdings in Paychex were worth $3,818,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PAYX. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Paychex during the third quarter valued at about $27,000. Cornerstone Planning Group LLC increased its position in shares of Paychex by 957.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after acquiring an additional 268 shares during the last quarter. Stance Capital LLC acquired a new stake in shares of Paychex during the third quarter valued at about $31,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Paychex during the fourth quarter valued at about $31,000. Finally, Kingdom Financial Group LLC. acquired a new stake in shares of Paychex during the fourth quarter valued at about $33,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on PAYX. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $125.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. Morgan Stanley lowered their price objective 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. Wells Fargo & Company lowered their price objective on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. Robert W. Baird lowered their price objective on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. Finally, Citigroup lowered their price objective on shares of Paychex from $120.00 to $99.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $106.63.

Paychex Stock Up 0.8%

Shares of Paychex stock opened at $101.10 on Thursday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $155.57. The company has a 50 day moving average of $93.61 and a 200 day moving average of $100.16. 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 company has a market capitalization of $36.22 billion, a P/E ratio of 22.27 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results 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. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm earned $1.49 earnings per share. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts forecast that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were given a dividend of $1.19 per share. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 4.7%. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is presently 104.85%.

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.