Daymark Wealth Partners LLC Has $1.34 Million Stake in Paychex, Inc. (NASDAQ:PAYX)

Daymark Wealth Partners LLC decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,672 shares of the business services provider’s stock after selling 146 shares during the period. Daymark Wealth Partners LLC’s holdings in Paychex were worth $1,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Meeder Asset Management Inc. increased its holdings in Paychex by 220.7% during the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 128 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Paychex in the fourth quarter valued at $28,000. WealthTrak Capital Management LLC acquired a new stake in shares of Paychex in the fourth quarter valued at $28,000. Millstone Evans Group LLC acquired a new stake in shares of Paychex in the fourth quarter valued at $33,000. Finally, Avion Wealth increased its stake in shares of Paychex by 469.8% in the fourth quarter. Avion Wealth now owns 245 shares of the business services provider’s stock valued at $34,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Activity at Paychex

In other news, Director Joseph M. Velli sold 3,650 shares of the business’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the transaction, the director now owns 78,455 shares of the company’s stock, valued at $11,709,408.75. The trade was a 4.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.40% of the company’s stock.

Paychex Price Performance

PAYX opened at $156.97 on Tuesday. The company has a fifty day moving average price of $150.30 and a two-hundred day moving average price of $147.26. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. Paychex, Inc. has a 52 week low of $115.40 and a 52 week high of $161.24. The firm has a market capitalization of $56.54 billion, a PE ratio of 33.05, a P/E/G ratio of 4.10 and a beta of 0.92.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 earnings per share. As a group, analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 12th were given a dividend of $1.08 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.98. This represents a $4.32 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend was Monday, May 12th. Paychex’s payout ratio is presently 90.00%.

Wall Street Analyst Weigh In

PAYX has been the subject of several research reports. UBS Group raised their price objective on shares of Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Barclays raised their price target on shares of Paychex from $140.00 to $155.00 and gave the company an “equal weight” rating in a report on Monday, March 31st. Morgan Stanley raised their price target on shares of Paychex from $137.00 to $142.00 and gave the company an “equal weight” rating in a report on Thursday, March 27th. Royal Bank of Canada raised their price target on shares of Paychex from $148.00 to $165.00 and gave the company a “sector perform” rating in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus lifted their target price on Paychex from $141.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $142.55.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.