Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,511 shares of the business services provider’s stock after purchasing an additional 238 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Paychex were worth $1,252,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Essex Savings Bank lifted its holdings in shares of Paychex by 6.0% during the fourth quarter. Essex Savings Bank now owns 3,669 shares of the business services provider’s stock worth $437,000 after purchasing an additional 209 shares during the period. Palumbo Wealth Management LLC lifted its holdings in Paychex by 12.0% in the fourth quarter. Palumbo Wealth Management LLC now owns 4,488 shares of the business services provider’s stock valued at $535,000 after acquiring an additional 481 shares during the period. Chicago Capital LLC lifted its holdings in Paychex by 2.6% in the fourth quarter. Chicago Capital LLC now owns 43,187 shares of the business services provider’s stock valued at $5,144,000 after acquiring an additional 1,105 shares during the period. Windsor Advisory Group LLC lifted its holdings in Paychex by 6.2% in the fourth quarter. Windsor Advisory Group LLC now owns 35,550 shares of the business services provider’s stock valued at $4,234,000 after acquiring an additional 2,072 shares during the period. Finally, Covenant Asset Management LLC lifted its holdings in Paychex by 5.2% in the fourth quarter. Covenant Asset Management LLC now owns 8,995 shares of the business services provider’s stock valued at $1,071,000 after acquiring an additional 447 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PAYX shares. Citigroup reduced their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Evercore ISI reissued an “in-line” rating and issued a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Barclays reduced their target price on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. TD Cowen restated a “market perform” rating and issued a $123.00 price target (down previously from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Finally, Stifel Nicolaus raised their price target on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $122.77.

Read Our Latest Research Report on Paychex

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.50% of the stock is owned by company insiders.

Paychex Trading Up 0.4 %

Paychex stock opened at $122.08 on Wednesday. The stock has a market cap of $43.93 billion, a PE ratio of 27.13, a P/E/G ratio of 3.29 and a beta of 0.93. The stock has a 50-day moving average price of $121.99 and a 200 day moving average price of $119.57. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex (NASDAQ:PAYXGet Free Report) last posted its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. Equities research analysts predict that Paychex, Inc. will post 4.72 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th were issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.92%. The ex-dividend date was Monday, February 12th. Paychex’s dividend payout ratio (DPR) is 79.11%.

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

About Paychex

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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