Laurel Wealth Advisors Inc. raised its holdings in shares of Paychex (NASDAQ:PAYX) by 62.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,233 shares of the business services provider’s stock after purchasing an additional 3,924 shares during the quarter. Laurel Wealth Advisors Inc.’s holdings in Paychex were worth $696,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in PAYX. American International Group Inc. raised its stake in Paychex by 1,975.5% in the fourth quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock valued at $490,384,000 after purchasing an additional 6,856,001 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in Paychex during the fourth quarter valued at approximately $17,551,000. Teacher Retirement System of Texas grew its position in Paychex by 1,014.3% during the fourth quarter. Teacher Retirement System of Texas now owns 219,782 shares of the business services provider’s stock valued at $14,963,000 after acquiring an additional 200,059 shares during the last quarter. Lazard Asset Management LLC grew its position in Paychex by 103.2% during the fourth quarter. Lazard Asset Management LLC now owns 335,777 shares of the business services provider’s stock valued at $22,858,000 after acquiring an additional 170,548 shares during the last quarter. Finally, Stifel Financial Corp grew its position in Paychex by 130.0% during the third quarter. Stifel Financial Corp now owns 253,259 shares of the business services provider’s stock valued at $15,184,000 after acquiring an additional 143,130 shares during the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.
PAYX has been the topic of several recent analyst reports. BMO Capital Markets restated a “hold” rating and issued a $70.00 target price on shares of Paychex in a report on Wednesday, January 24th. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a 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 note on Tuesday, January 9th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $63.00 price target on shares of Paychex in a research note on Monday, April 2nd. Thirteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $64.94.
Shares of NASDAQ:PAYX traded down $1.42 during mid-day trading on Friday, reaching $60.72. 1,762,829 shares of the company traded hands, compared to its average volume of 2,476,680. Paychex has a 52 week low of $54.20 and a 52 week high of $73.10. The company has a market cap of $22,325.37, a PE ratio of 27.60, a price-to-earnings-growth ratio of 3.20 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.01. The company had revenue of $866.50 million for the quarter, compared to analysts’ expectations of $853.99 million. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 EPS. research analysts predict that Paychex will post 2.49 EPS for the current year.
In other news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,156,461.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael E. Gioja sold 110,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 170,974 shares in the company, valued at approximately $10,537,127.62. The disclosure for this sale can be found here. 11.70% of the stock is owned by corporate 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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