Optimal Asset Management Inc. Grows Stake in Paychex, Inc. (NASDAQ:PAYX)
Optimal Asset Management Inc. grew its position in Paychex, Inc. (NASDAQ:PAYX) by 233.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,003 shares of the business services provider’s stock after purchasing an additional 16,799 shares during the quarter. Optimal Asset Management Inc.’s holdings in Paychex were worth $1,510,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Bainco International Investors purchased a new position in Paychex in the first quarter worth $32,000. Ellevest Inc. grew its holdings in shares of Paychex by 217.9% during the first quarter. Ellevest Inc. now owns 534 shares of the business services provider’s stock valued at $34,000 after buying an additional 366 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Paychex during the first quarter valued at $35,000. Harwood Advisory Group LLC purchased a new stake in shares of Paychex during the first quarter valued at $36,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Paychex by 388.1% during the fourth quarter. Quadrant Capital Group LLC now owns 493 shares of the business services provider’s stock valued at $37,000 after buying an additional 392 shares during the last quarter. 68.63% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on PAYX. JPMorgan Chase & Co. dropped their price objective on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a report on Wednesday, March 18th. Citigroup downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Wednesday, March 18th. Cowen boosted their target price on shares of Paychex from $60.00 to $65.00 and gave the company a “market perform” rating in a research report on Wednesday, May 20th. Stifel Nicolaus decreased their target price on shares of Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Finally, Jefferies Financial Group decreased their target price on shares of Paychex from $82.00 to $68.00 and set a “hold” rating for the company in a research report on Wednesday, March 25th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average target price of $70.82.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. Paychex had a net margin of 26.98% and a return on equity of 41.68%. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, sell-side analysts predict that Paychex, Inc. will post 3 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Friday, May 15th were given a $0.62 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.42%. Paychex’s dividend payout ratio (DPR) is currently 87.32%.
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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