Harvey Investment Co. LLC Buys 100 Shares of Paychex, Inc. (NASDAQ:PAYX)

Harvey Investment Co. LLC grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,526 shares of the business services provider’s stock after acquiring an additional 100 shares during the period. Paychex accounts for 3.0% of Harvey Investment Co. LLC’s holdings, making the stock its 12th biggest holding. Harvey Investment Co. LLC owned about 0.05% of Paychex worth $25,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Union Bancaire Privee UBP SA purchased a new position in Paychex during the 4th quarter worth $28,000. Fortitude Family Office LLC increased its stake in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after buying an additional 74 shares during the period. MilWealth Group LLC purchased a new position in shares of Paychex during the fourth quarter valued at $35,000. Quest Partners LLC bought a new stake in shares of Paychex in the third quarter valued at about $36,000. Finally, Dunhill Financial LLC lifted its stake in Paychex by 805.9% in the third quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock worth $41,000 after acquiring an additional 274 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $148.00 price objective on shares of Paychex in a research note on Friday, December 20th. Finally, Barclays increased their target price on Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, December 23rd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, Paychex presently has an average rating of “Hold” and an average price target of $132.23.

Paychex Trading Down 0.6 %

NASDAQ PAYX opened at $150.01 on Friday. The company has a fifty day simple moving average of $143.01 and a two-hundred day simple moving average of $137.89. Paychex, Inc. has a 12-month low of $114.72 and a 12-month high of $151.72. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. The stock has a market cap of $54.01 billion, a P/E ratio of 31.58, a P/E/G ratio of 4.03 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. Paychex’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $1.08 EPS. On average, analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Friday, February 7th will be issued a $0.98 dividend. The ex-dividend date is Friday, February 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.61%. Paychex’s dividend payout ratio (DPR) is presently 82.53%.

Paychex Profile

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.