MainStreet Investment Advisors LLC purchased a new position in shares of Paychex (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 76,630 shares of the business services provider’s stock, valued at approximately $5,217,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. New York State Common Retirement Fund increased its holdings in shares of Paychex by 2.7% in the third quarter. New York State Common Retirement Fund now owns 944,900 shares of the business services provider’s stock valued at $56,656,000 after purchasing an additional 25,100 shares during the period. Toronto Dominion Bank grew its holdings in Paychex by 12.0% during the third quarter. Toronto Dominion Bank now owns 131,063 shares of the business services provider’s stock worth $7,860,000 after acquiring an additional 14,007 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Paychex by 18.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 90,134 shares of the business services provider’s stock worth $5,404,000 after acquiring an additional 13,777 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Paychex by 1.0% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 81,606 shares of the business services provider’s stock worth $4,893,000 after acquiring an additional 817 shares during the period. Finally, Welch Group LLC grew its holdings in Paychex by 1.9% during the third quarter. Welch Group LLC now owns 284,777 shares of the business services provider’s stock worth $17,075,000 after acquiring an additional 5,319 shares during the period. 68.71% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on the company. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective on the stock. in a report on Tuesday, January 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $63.00 target price on shares of Paychex in a research report on Monday, April 2nd. BMO Capital Markets reiterated a “hold” rating and set a $70.00 target price on shares of Paychex in a research report on Wednesday, January 24th. Citigroup decreased their target price on Paychex from $67.00 to $64.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 28th. Finally, Barclays decreased their target price on Paychex from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 27th. Thirteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus price target of $64.94.
Shares of NASDAQ:PAYX traded down $1.42 on Friday, hitting $60.72. The company had a trading volume of 1,778,810 shares, compared to its average volume of 2,476,680. The company has a market capitalization of $21,815.18, a P/E ratio of 27.60, a P/E/G ratio of 3.13 and a beta of 0.98. Paychex has a 52-week low of $54.20 and a 52-week high of $73.10.
Paychex (NASDAQ:PAYX) last released its earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. The firm had revenue of $866.50 million during the quarter, compared to analyst estimates of $853.99 million. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share. sell-side analysts forecast that Paychex will post 2.49 EPS for the current year.
In related news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the transaction, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael E. Gioja sold 110,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $10,537,127.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
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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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