North Dakota State Investment Board Makes New $1.24 Million Investment in Paychex, Inc. $PAYX

North Dakota State Investment Board acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,065 shares of the business services provider’s stock, valued at approximately $1,241,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PAYX. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Paychex in the 3rd quarter worth $27,000. Cornerstone Planning Group LLC grew its stake in shares of Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after buying an additional 268 shares in the last quarter. Stance Capital LLC purchased a new position in shares of Paychex in the 3rd quarter worth $31,000. MMA Asset Management LLC purchased a new position in shares of Paychex in the 3rd quarter worth $32,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of Paychex in the 4th quarter worth $34,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Trading Down 0.0%

NASDAQ:PAYX opened at $94.48 on Wednesday. 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 firm has a market cap of $33.85 billion, a P/E ratio of 20.81 and a beta of 0.84. The firm has a 50-day simple moving average of $92.03 and a 200-day simple moving average of $101.81.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating 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 business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business posted $1.49 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. Equities analysts anticipate that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared 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 is Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 5.0%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is presently 104.85%.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. TD Cowen raised shares of Paychex to a “hold” rating in a research note on Monday. UBS Group dropped their price target on shares of Paychex from $98.00 to $94.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. Guggenheim initiated coverage on shares of Paychex in a research note on Thursday, March 19th. They set a “neutral” rating for the company. Finally, Citigroup dropped their price target on shares of Paychex from $120.00 to $99.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $106.38.

Paychex Company 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.