IVC Wealth Advisors LLC Lowers Stock Position in Paychex, Inc. (NASDAQ:PAYX)

IVC Wealth Advisors LLC trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,807 shares of the business services provider’s stock after selling 241 shares during the period. Paychex comprises 0.9% of IVC Wealth Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. IVC Wealth Advisors LLC’s holdings in Paychex were worth $1,656,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Fortitude Family Office LLC grew its holdings in Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after buying an additional 74 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Paychex during the third quarter valued at $36,000. Quarry LP increased its position in Paychex by 152.6% during the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock worth $35,000 after purchasing an additional 177 shares in the last quarter. City Holding Co. acquired a new position in Paychex in the 4th quarter valued at about $42,000. Finally, Dunhill Financial LLC lifted its holdings in Paychex by 805.9% in the 3rd quarter. Dunhill Financial LLC now owns 308 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 274 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Trading Down 0.0 %

NASDAQ:PAYX opened at $144.75 on Friday. The stock has a market cap of $52.12 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 3.95 and a beta of 1.00. 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 1 year low of $114.72 and a 1 year high of $150.71. The business has a fifty day moving average of $142.14 and a 200-day moving average of $135.89.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. Equities analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Friday, February 7th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, February 7th. Paychex’s dividend payout ratio (DPR) is presently 82.53%.

Wall Street Analyst Weigh In

Several research firms have commented on PAYX. Barclays lifted their target price on shares of Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, December 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $148.00 target price on shares of Paychex in a research note on Friday, December 20th. TD Cowen raised their price target on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley upped their price objective on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group boosted their price objective on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $132.23.

Paychex Company 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.