Berkshire Bank Takes $257,000 Position in Paychex, Inc. (NASDAQ:PAYX)

Berkshire Bank bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,095 shares of the business services provider’s stock, valued at approximately $257,000.

A number of other hedge funds have also recently modified their holdings of the business. Ethos Financial Group LLC boosted its stake in Paychex by 4.6% in the 4th quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after purchasing an additional 85 shares in the last quarter. Griffin Asset Management Inc. raised its position in Paychex by 0.5% in the 4th quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock worth $2,171,000 after buying an additional 88 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in Paychex by 5.1% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after buying an additional 92 shares during the last quarter. Rogco LP raised its position in Paychex by 1.1% in the 4th quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock worth $1,009,000 after buying an additional 93 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Paychex by 3.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock worth $329,000 after buying an additional 96 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Paychex stock traded up $0.33 during midday trading on Tuesday, hitting $125.90. The stock had a trading volume of 940,684 shares, compared to its average volume of 1,751,855. The firm’s fifty day moving average is $121.87 and its two-hundred day moving average is $121.32. The company has a market capitalization of $45.32 billion, a PE ratio of 27.43, a P/E/G ratio of 3.54 and a beta of 0.93. 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 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYXGet Free Report) last released its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.01. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 EPS. On average, research analysts forecast that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 3.11%. This is an increase from Paychex’s previous quarterly dividend of $0.89. The ex-dividend date is Thursday, May 9th. Paychex’s dividend payout ratio is presently 85.40%.

Analyst Ratings Changes

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

View Our Latest Research Report on Paychex

Paychex Profile

(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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