Paychex, Inc. (NASDAQ:PAYX) Stock Holdings Increased by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,483 shares of the business services provider’s stock after acquiring an additional 2,617 shares during the period. Paychex accounts for about 1.2% of Sonora Investment Management Group LLC’s investment portfolio, making the stock its 29th biggest holding. Sonora Investment Management Group LLC’s holdings in Paychex were worth $14,731,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Monument Capital Management boosted its position in shares of Paychex by 4.4% during the fourth quarter. Monument Capital Management now owns 1,714 shares of the business services provider’s stock worth $240,000 after buying an additional 72 shares during the period. Emerald Advisors LLC boosted its position in shares of Paychex by 2.5% during the fourth quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider’s stock worth $423,000 after buying an additional 74 shares during the period. Ashton Thomas Securities LLC boosted its position in shares of Paychex by 2.5% during the fourth quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider’s stock worth $446,000 after buying an additional 78 shares during the period. GeoWealth Management LLC boosted its position in shares of Paychex by 2.1% during the fourth quarter. GeoWealth Management LLC now owns 4,120 shares of the business services provider’s stock worth $578,000 after buying an additional 84 shares during the period. Finally, Optivise Advisory Services LLC boosted its position in shares of Paychex by 3.9% during the fourth quarter. Optivise Advisory Services LLC now owns 2,264 shares of the business services provider’s stock worth $317,000 after buying an additional 86 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $156.97 on Tuesday. The company’s fifty day moving average is $150.30 and its two-hundred day moving average is $147.26. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 12-month low of $115.40 and a 12-month high of $161.24. The company has a market cap of $56.54 billion, a P/E ratio of 33.05, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business posted $1.38 earnings per share. Paychex’s revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 12th were paid a $1.08 dividend. The ex-dividend date was Monday, May 12th. This is an increase from Paychex’s previous quarterly dividend of $0.98. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.75%. Paychex’s dividend payout ratio is 90.00%.

Insider Transactions at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now directly owns 78,455 shares of the company’s stock, valued at $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 11.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PAYX has been the subject of several analyst reports. Citigroup boosted their price objective on Paychex from $145.00 to $158.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. Jefferies Financial Group reiterated a “hold” rating on shares of Paychex in a research report on Friday, May 23rd. Cfra Research upgraded Paychex to a “hold” rating in a research report on Thursday, March 27th. Barclays upped their target price on Paychex from $140.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Monday, March 31st. Finally, Morgan Stanley upped their target price on Paychex from $137.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $142.55.

Paychex Profile

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.