Soltis Investment Advisors LLC Grows Stock Holdings in Paychex, Inc. $PAYX

Soltis Investment Advisors LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 41.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,390 shares of the business services provider’s stock after purchasing an additional 19,310 shares during the period. Soltis Investment Advisors LLC’s holdings in Paychex were worth $7,448,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Paychex by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares in the last quarter. Select Equity Group L.P. raised its stake in Paychex by 15.9% during the 2nd quarter. Select Equity Group L.P. now owns 4,051,413 shares of the business services provider’s stock worth $589,319,000 after acquiring an additional 557,101 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Paychex by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,805,391 shares of the business services provider’s stock worth $355,650,000 after acquiring an additional 31,321 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Paychex by 0.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,280,715 shares of the business services provider’s stock worth $330,908,000 after acquiring an additional 17,869 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Paychex by 1.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,979,330 shares of the business services provider’s stock worth $250,900,000 after acquiring an additional 30,117 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $91.54 on Friday. The company has a 50-day simple moving average of $92.23 and a 200-day simple moving average of $102.34. Paychex, Inc. has a one year low of $85.45 and a one year high of $161.24. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $32.80 billion, a price-to-earnings ratio of 20.16 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the prior year, the company earned $1.49 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. On average, analysts predict that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be issued a $1.19 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 dividend on an annualized basis and a dividend yield of 5.2%. Paychex’s dividend payout ratio is currently 104.85%.

Analyst Ratings Changes

Several brokerages recently commented on PAYX. Cantor Fitzgerald upgraded shares of Paychex to a “strong sell” rating in a research note on Tuesday, January 27th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Paychex in a research note on Friday, April 24th. Morgan Stanley cut their price target on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 28th. Argus upgraded shares of Paychex to a “strong-buy” rating in a research note on Friday, March 27th. Finally, Citigroup cut their price target on shares of Paychex from $120.00 to $99.00 and set a “neutral” rating on the stock in a research note on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $106.38.

Paychex Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.