Wealth Enhancement Advisory Services LLC Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 81,827 shares of the business services provider’s stock after selling 533 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Paychex were worth $10,048,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PAYX. Fortis Group Advisors LLC bought a new stake in shares of Paychex in the 3rd quarter worth about $34,000. Clear Investment Research LLC increased its holdings in Paychex by 55.8% in the fourth quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after buying an additional 110 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in Paychex during the fourth quarter valued at approximately $40,000. Tidemark LLC bought a new position in Paychex during the 4th quarter worth approximately $40,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Paychex in the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $118.56 on Friday. Paychex, Inc. has a one year low of $106.27 and a one year high of $129.70. The stock’s fifty day moving average is $122.38 and its 200-day moving average is $121.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.37. The firm has a market capitalization of $42.68 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 3.07 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. Paychex’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $0.97 EPS. Equities analysts anticipate that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Friday, May 10th were paid 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 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Thursday, May 9th. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Thursday. Robert W. Baird lowered their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday. TD Cowen cut their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Finally, Bank of America upped their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $122.62.

Insider Activity

In other news, Director David J. S. Flaschen sold 19,709 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $124.55, for a total value of $2,454,755.95. Following the completion of the sale, the director now owns 5,383 shares in the company, valued at $670,452.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.50% of the stock is owned by insiders.

Paychex Company Profile

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.