CIBC Private Wealth Group LLC Buys 82 Shares of Paychex, Inc. (NASDAQ:PAYX)

CIBC Private Wealth Group LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,292 shares of the business services provider’s stock after buying an additional 82 shares during the period. CIBC Private Wealth Group LLC’s holdings in Paychex were worth $5,371,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Union Bancaire Privee UBP SA purchased a new position in Paychex in the fourth quarter worth $28,000. WealthTrak Capital Management LLC purchased a new position in shares of Paychex in the 4th quarter worth about $28,000. Millstone Evans Group LLC bought a new position in shares of Paychex during the 4th quarter valued at about $33,000. Avion Wealth raised its holdings in shares of Paychex by 469.8% during the 4th quarter. Avion Wealth now owns 245 shares of the business services provider’s stock valued at $34,000 after buying an additional 202 shares in the last quarter. Finally, MilWealth Group LLC bought a new stake in Paychex in the 4th quarter worth approximately $35,000. Institutional investors own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of recent research reports. Morgan Stanley increased their price target on shares of Paychex from $137.00 to $142.00 and gave the company an “equal weight” rating in a research report on Thursday, March 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $148.00 target price on shares of Paychex in a research report on Friday, December 20th. Stifel Nicolaus boosted their price target on shares of Paychex from $141.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, March 27th. Citigroup raised their price objective on Paychex from $145.00 to $158.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Finally, UBS Group boosted their target price on Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Paychex presently has an average rating of “Hold” and an average target price of $138.83.

Paychex Stock Up 0.2 %

PAYX stock opened at $154.59 on Wednesday. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $158.37. The company has a market capitalization of $55.68 billion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth ratio of 4.10 and a beta of 0.98. The business’s 50 day moving average price is $148.56 and its two-hundred day moving average price is $143.65. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the company earned $1.38 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Friday, February 7th were issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Friday, February 7th. Paychex’s dividend payout ratio (DPR) is presently 81.67%.

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.