Ellsworth Advisors LLC Raises Holdings in Paychex, Inc. (NASDAQ:PAYX)

Ellsworth Advisors LLC boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 38,143 shares of the business services provider’s stock after acquiring an additional 578 shares during the period. Paychex comprises approximately 1.4% of Ellsworth Advisors LLC’s holdings, making the stock its 22nd biggest holding. Ellsworth Advisors LLC’s holdings in Paychex were worth $4,543,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BKM Wealth Management LLC purchased a new stake in Paychex in the 4th quarter worth approximately $1,229,000. Nordea Investment Management AB grew its stake in Paychex by 218.8% in the 4th quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after acquiring an additional 466,890 shares during the period. NBC Securities Inc. purchased a new stake in Paychex in the 3rd quarter worth approximately $3,311,000. Comerica Bank purchased a new stake in Paychex in the 2nd quarter worth approximately $8,123,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in Paychex in the 2nd quarter worth approximately $5,940,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Paychex

In other news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.50% of the company’s stock.

Paychex Stock Up 1.0 %

PAYX stock traded up $1.27 during trading on Friday, reaching $122.80. The stock had a trading volume of 1,618,308 shares, compared to its average volume of 1,857,267. The firm has a fifty day moving average price of $121.95 and a 200 day moving average price of $119.51. The company has a market capitalization of $44.19 billion, a P/E ratio of 27.29, a PEG ratio of 3.29 and a beta of 0.94. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex announced that its Board of Directors has authorized a share repurchase plan on Friday, January 19th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were given a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Monday, February 12th. Paychex’s payout ratio is currently 79.11%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Evercore ISI reissued an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research note on Tuesday. Stifel Nicolaus boosted their price objective on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. Barclays lowered their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, December 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Friday, December 22nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $122.77.

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.