TCG Advisory Services LLC Has $693,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

TCG Advisory Services LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 156.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,821 shares of the business services provider’s stock after buying an additional 3,548 shares during the quarter. TCG Advisory Services LLC’s holdings in Paychex were worth $693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PAYX. Outlook Wealth Advisors LLC acquired a new stake in shares of Paychex in the fourth quarter valued at approximately $214,000. Cerity Partners LLC boosted its stake in shares of Paychex by 80.2% during the 4th quarter. Cerity Partners LLC now owns 343,269 shares of the business services provider’s stock worth $40,887,000 after buying an additional 152,818 shares during the last quarter. BKM Wealth Management LLC bought a new position in shares of Paychex in the 4th quarter valued at about $1,229,000. Sequoia Financial Advisors LLC increased its position in shares of Paychex by 366.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 20,863 shares of the business services provider’s stock valued at $2,485,000 after acquiring an additional 16,391 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Paychex by 218.8% in the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock valued at $80,794,000 after acquiring an additional 466,890 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Performance

NASDAQ:PAYX traded up $1.65 during mid-day trading on Friday, reaching $120.10. 1,540,545 shares of the company’s stock were exchanged, compared to its average volume of 1,951,709. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The business’s fifty day simple moving average is $121.48 and its two-hundred day simple moving average is $120.40. The firm has a market capitalization of $43.23 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 3.39 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.37 by $0.01. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the firm earned $1.29 earnings per share. Analysts anticipate that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its board has approved a stock repurchase plan on Friday, January 19th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.98 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.89. This represents a $3.92 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Thursday, May 9th. Paychex’s dividend payout ratio is 77.56%.

Analyst Ratings Changes

PAYX has been the subject of a number of analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Wednesday, April 3rd. Bank of America lifted their price objective on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research report on Wednesday, April 3rd. TD Cowen cut their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Evercore ISI reissued an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two research 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 currently has a consensus rating of “Hold” and a consensus price target of $123.00.

About Paychex

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.