Avantax Planning Partners Inc. Sells 349 Shares of Paychex, Inc. (NASDAQ:PAYX)

Avantax Planning Partners Inc. cut its stake in Paychex, Inc. (NASDAQ:PAYXFree Report) by 9.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,538 shares of the business services provider’s stock after selling 349 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Paychex were worth $421,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Larson Financial Group LLC raised its stake in Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after buying an additional 130 shares during the last quarter. Fortis Group Advisors LLC acquired a new stake in Paychex in the 3rd quarter worth approximately $34,000. Criterion Capital Advisors LLC purchased a new stake in Paychex during the 4th quarter worth approximately $40,000. Tidemark LLC acquired a new position in Paychex during the 4th quarter valued at approximately $40,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Paychex in the fourth quarter worth $41,000. 83.47% of the stock is owned by institutional investors.

Paychex Price Performance

Shares of NASDAQ:PAYX traded down $1.43 during trading on Friday, reaching $124.23. The stock had a trading volume of 1,354,383 shares, compared to its average volume of 1,539,131. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The stock has a market cap of $44.72 billion, a PE ratio of 27.07, a PEG ratio of 3.68 and a beta of 0.93. The business has a fifty day moving average price of $122.13 and a 200-day moving average price of $121.48.

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 analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm earned $1.29 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts forecast that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, May 9th. This represents a $3.92 dividend on an annualized basis and a yield of 3.16%. This is a positive change from Paychex’s previous quarterly dividend of $0.89. Paychex’s payout ratio is 85.40%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PAYX shares. Bank of America upped their target price on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research report on Wednesday, April 3rd. TD Cowen reduced their price target 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 restated an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Tuesday. Finally, Wedbush reissued a “neutral” rating and set a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. Two research 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 company presently has a consensus rating of “Hold” and an average target price of $123.00.

Read Our Latest Stock Report on PAYX

About Paychex

(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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