Sciencast Management LP purchased a new position in Paychex (NASDAQ:PAYX) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,215 shares of the business services provider’s stock, valued at approximately $432,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PAYX. American International Group Inc. lifted its stake in Paychex by 1,975.5% during the fourth quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock worth $490,384,000 after purchasing an additional 6,856,001 shares during the last quarter. Geode Capital Management LLC lifted its stake in Paychex by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock worth $281,020,000 after purchasing an additional 129,431 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in Paychex by 0.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock worth $146,188,000 after buying an additional 16,395 shares during the period. Legal & General Group Plc increased its position in Paychex by 4.0% in the third quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock worth $121,718,000 after buying an additional 78,937 shares during the period. Finally, Swiss National Bank increased its position in Paychex by 1.6% in the fourth quarter. Swiss National Bank now owns 1,882,803 shares of the business services provider’s stock worth $128,181,000 after buying an additional 29,500 shares during the period. Hedge funds and other institutional investors own 68.71% of the company’s stock.
A number of research analysts have recently commented on the company. BMO Capital Markets reaffirmed a “hold” rating and set a $70.00 target price on shares of Paychex in a report on Wednesday, January 24th. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 22nd. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target for the company. in a research report on Tuesday, January 9th. Stifel Nicolaus reiterated a “hold” rating and issued a $68.00 price target on shares of Paychex in a research report on Friday, December 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $63.00 price objective on shares of Paychex in a research report on Monday, April 2nd. Thirteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $64.94.
Shares of PAYX stock traded down $1.42 during trading on Friday, reaching $60.72. The company had a trading volume of 1,762,829 shares, compared to its average volume of 2,476,680. Paychex has a one year low of $54.20 and a one year high of $73.10. The company has a market capitalization of $22,325.37, a price-to-earnings ratio of 27.60, a PEG ratio of 3.20 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Monday, March 26th. The business services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $853.99 million. During the same quarter last year, the firm earned $0.55 EPS. Paychex’s revenue for the quarter was up 8.9% compared to the same quarter last year. sell-side analysts predict that Paychex will post 2.49 earnings per share for the current fiscal year.
In other 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 completion of the sale, the vice president now owns 31,578 shares in the company, valued at $2,156,461.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael E. Gioja sold 110,000 shares of the company’s stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $61.63, for a total value of $6,779,300.00. Following the completion of the sale, the insider now owns 170,974 shares of the company’s stock, valued at approximately $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, 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.
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