Secure Asset Management LLC Raises Position in Paychex, Inc. (NASDAQ:PAYX)

Secure Asset Management LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 21.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,923 shares of the business services provider’s stock after purchasing an additional 697 shares during the quarter. Secure Asset Management LLC’s holdings in Paychex were worth $550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Red Door Wealth Management LLC purchased a new stake in Paychex in the 4th quarter valued at about $314,000. Donoghue Forlines LLC boosted its position in shares of Paychex by 15.3% in the fourth quarter. Donoghue Forlines LLC now owns 10,885 shares of the business services provider’s stock worth $1,526,000 after acquiring an additional 1,443 shares during the last quarter. Mutual Advisors LLC grew its holdings in Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock valued at $423,000 after purchasing an additional 73 shares during the period. True North Advisors LLC acquired a new position in Paychex during the fourth quarter worth approximately $3,224,000. Finally, Marino Stram & Associates LLC raised its stake in Paychex by 1.9% during the fourth quarter. Marino Stram & Associates LLC now owns 6,520 shares of the business services provider’s stock worth $914,000 after purchasing an additional 122 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.9 %

PAYX opened at $146.11 on Friday. The firm’s 50 day moving average is $142.12 and its 200-day moving average is $135.96. Paychex, Inc. has a 52-week low of $114.72 and a 52-week high of $150.71. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $52.61 billion, a P/E ratio of 30.76, a P/E/G ratio of 3.95 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 EPS. Analysts expect that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Friday, February 7th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s dividend payout ratio is currently 82.53%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research reports. Jefferies Financial Group boosted their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research note on Friday, December 20th. Stifel Nicolaus raised their price objective on Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. UBS Group boosted their target price on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley raised their price target on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, Paychex has an average rating of “Hold” and an average target price of $132.23.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.