Keystone Financial Planning Inc. Increases Position in Paychex, Inc. (PAYX)
Keystone Financial Planning Inc. boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,115 shares of the business services provider’s stock after purchasing an additional 410 shares during the period. Paychex comprises approximately 3.6% of Keystone Financial Planning Inc.’s holdings, making the stock its 10th largest holding. Keystone Financial Planning Inc.’s holdings in Paychex were worth $6,392,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. We Are One Seven LLC purchased a new position in shares of Paychex during the 4th quarter worth approximately $25,000. Baldwin Brothers Inc. MA purchased a new position in shares of Paychex during the 4th quarter worth approximately $27,000. Legacy Financial Advisors Inc. grew its holdings in shares of Paychex by 142.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 644 shares of the business services provider’s stock worth $42,000 after acquiring an additional 378 shares during the period. Clean Yield Group purchased a new position in shares of Paychex during the 4th quarter worth approximately $70,000. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Paychex by 129.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,145 shares of the business services provider’s stock worth $75,000 after acquiring an additional 645 shares during the period. Institutional investors own 71.23% of the company’s stock.
Shares of PAYX opened at $74.24 on Monday. Paychex, Inc. has a 52 week low of $59.36 and a 52 week high of $76.02. The company has a market capitalization of $26.68 billion, a PE ratio of 29.11, a P/E/G ratio of 2.97 and a beta of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Friday, February 1st will be given a $0.56 dividend. The ex-dividend date is Thursday, January 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.02%. Paychex’s dividend payout ratio is currently 87.84%.
In other news, VP Jennifer R. Vossler sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, January 18th. The stock was sold at an average price of $69.37, for a total value of $416,220.00. Following the sale, the vice president now directly owns 27,701 shares of the company’s stock, valued at approximately $1,921,618.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 10,755 shares of the business’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $72.95, for a total value of $784,577.25. Following the completion of the sale, the vice president now directly owns 32,456 shares in the company, valued at $2,367,665.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,755 shares of company stock worth $4,816,797. Insiders own 11.80% of the company’s stock.
A number of research analysts have weighed in on PAYX shares. Barclays started coverage on Paychex in a report on Wednesday, November 14th. They set an “equal weight” rating and a $70.00 target price on the stock. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a report on Thursday, December 20th. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $64.00 to $68.00 in a report on Tuesday, January 8th. They noted that the move was a valuation call. Finally, BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 22nd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $72.60.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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