California State Teachers Retirement System Has $36.92 Million Position in Paychex (PAYX)

California State Teachers Retirement System trimmed its stake in shares of Paychex (NASDAQ:PAYX) by 0.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 542,265 shares of the business services provider’s stock after selling 4,899 shares during the quarter. California State Teachers Retirement System owned 0.15% of Paychex worth $36,917,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Field & Main Bank acquired a new stake in Paychex during the fourth quarter valued at approximately $101,000. Acadian Asset Management LLC bought a new position in shares of Paychex in the fourth quarter valued at approximately $109,000. Avestar Capital LLC purchased a new position in Paychex during the fourth quarter worth $126,000. Financial Gravity Companies Inc. purchased a new position in Paychex during the fourth quarter worth $127,000. Finally, Calton & Associates Inc. purchased a new position in Paychex during the fourth quarter worth $151,000. 68.71% of the stock is currently owned by institutional investors.

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PAYX traded down $1.42 during trading on Friday, hitting $60.72. 1,762,829 shares of the stock were exchanged, compared to its average volume of 2,476,680. Paychex has a 1-year low of $54.20 and a 1-year high of $73.10. The firm has a market cap of $22,325.37, a price-to-earnings ratio of 27.60, a price-to-earnings-growth ratio of 3.20 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last announced its earnings results on Monday, March 26th. The business services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The company had revenue of $866.50 million for the quarter, compared to the consensus estimate of $853.99 million. During the same period last year, the business posted $0.55 EPS. The company’s revenue was up 8.9% on a year-over-year basis. sell-side analysts predict that Paychex will post 2.49 earnings per share for the current fiscal year.

A number of analysts have recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $63.00 target price on shares of Paychex in a research note on Monday, April 2nd. Citigroup reduced their price objective on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, March 28th. Barclays lowered their price target on Paychex from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Tuesday, March 27th. Morgan Stanley lowered their target price on Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Tuesday, March 27th. Finally, JPMorgan Chase decreased their price objective on Paychex from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, March 27th. Thirteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Paychex currently has an average rating of “Hold” and an average target price of $64.94.

In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 110,000 shares of the business’s stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total value of $6,779,300.00. Following the sale, the insider now owns 170,974 shares in the company, valued at $10,537,127.62. The disclosure for this sale can be found here. 11.70% of the stock is owned by insiders.

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Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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