PFG Investments LLC Has $606,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

PFG Investments LLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 10.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,090 shares of the business services provider’s stock after acquiring an additional 502 shares during the period. PFG Investments LLC’s holdings in Paychex were worth $606,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PAYX. Fairfield Bush & CO. bought a new stake in shares of Paychex in the 1st quarter worth about $269,000. Vontobel Holding Ltd. grew its stake in Paychex by 35.7% during the first quarter. Vontobel Holding Ltd. now owns 5,455 shares of the business services provider’s stock worth $747,000 after buying an additional 1,436 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Paychex by 118.3% during the first quarter. Sei Investments Co. now owns 91,985 shares of the business services provider’s stock worth $12,554,000 after buying an additional 49,851 shares in the last quarter. Prudential PLC bought a new position in shares of Paychex in the first quarter valued at approximately $1,019,000. Finally, Brighton Jones LLC acquired a new position in shares of Paychex in the 1st quarter worth approximately $237,000. Institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PAYX. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday. TD Cowen reaffirmed a “market perform” rating and set a $123.00 price target (down previously from $132.00) on shares of Paychex in a research note on Friday, December 22nd. Citigroup dropped their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Stifel Nicolaus lifted their price target on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a research report on Friday, December 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $122.77.

Paychex Stock Performance

NASDAQ PAYX opened at $121.53 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $43.73 billion, a P/E ratio of 27.01, a P/E/G ratio of 3.23 and a beta of 0.94. The firm has a 50-day moving average price of $121.92 and a two-hundred day moving average price of $119.50. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th were paid a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Monday, February 12th. Paychex’s dividend payout ratio (DPR) is presently 79.11%.

Paychex announced that its Board of Directors has approved a stock buyback plan on Friday, January 19th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the completion of the transaction, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.50% of the stock is currently owned by corporate insiders.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.