Harmony Asset Management LLC Cuts Stock Holdings in Paychex, Inc. $PAYX

Harmony Asset Management LLC trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 65.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,718 shares of the business services provider’s stock after selling 12,758 shares during the period. Harmony Asset Management LLC’s holdings in Paychex were worth $754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Paychex Trading Up 0.5%

Shares of PAYX opened at $94.92 on Thursday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $161.24. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.13. The firm’s fifty day moving average is $91.96 and its two-hundred day moving average is $101.66. The stock has a market cap of $34.01 billion, a PE ratio of 20.91 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the previous year, the company posted $1.49 EPS. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. Research analysts forecast that Paychex, Inc. will post 5.5 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be paid a dividend of $1.19 per share. This is a boost from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $4.76 annualized dividend and a yield of 5.0%. Paychex’s dividend payout ratio is presently 104.85%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research note on Thursday, March 26th. Stephens dropped their price target on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 26th. TD Cowen raised shares of Paychex to a “hold” rating in a research note on Monday. Royal Bank Of Canada dropped their price target on shares of Paychex from $125.00 to $102.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 19th. Finally, Guggenheim assumed coverage on shares of Paychex in a research note on Thursday, March 19th. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $106.38.

About Paychex

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.