Ladenburg Thalmann Financial Services Inc. boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 119,144 shares of the business services provider’s stock after purchasing an additional 946 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Paychex were worth $10,094,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Stifel Financial Corp lifted its stake in shares of Paychex by 5.0% during the 3rd quarter. Stifel Financial Corp now owns 363,860 shares of the business services provider’s stock valued at $30,053,000 after buying an additional 17,421 shares in the last quarter. Griffin Asset Management Inc. grew its position in shares of Paychex by 1.3% during the fourth quarter. Griffin Asset Management Inc. now owns 17,557 shares of the business services provider’s stock valued at $1,493,000 after purchasing an additional 230 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in Paychex by 24.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 29,924 shares of the business services provider’s stock worth $2,546,000 after acquiring an additional 5,931 shares during the last quarter. Voloridge Investment Management LLC boosted its position in shares of Paychex by 829.0% during the 3rd quarter. Voloridge Investment Management LLC now owns 174,277 shares of the business services provider’s stock valued at $14,425,000 after acquiring an additional 155,518 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Paychex by 1.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 182,735 shares of the business services provider’s stock valued at $15,125,000 after acquiring an additional 2,432 shares during the last quarter. 69.23% of the stock is owned by institutional investors and hedge funds.
PAYX stock opened at $60.08 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $90.54. The stock has a market capitalization of $21.32 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 2.76 and a beta of 0.88. The firm’s fifty day simple moving average is $78.11 and its two-hundred day simple moving average is $83.01.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, March 25th. The business services provider reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Paychex had a net margin of 26.72% and a return on equity of 41.21%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, equities research analysts expect that Paychex, Inc. will post 3.08 EPS for the current year.
In related news, VP Michael E. Gioja sold 17,881 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $85.81, for a total transaction of $1,534,368.61. Following the completion of the transaction, the vice president now owns 70,023 shares in the company, valued at approximately $6,008,673.63. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael E. Gioja sold 50,088 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $85.74, for a total value of $4,294,545.12. Following the transaction, the vice president now owns 70,023 shares of the company’s stock, valued at approximately $6,003,772.02. The disclosure for this sale can be found here. Insiders have sold a total of 87,823 shares of company stock worth $7,609,568 over the last quarter. 11.70% of the stock is currently owned by insiders.
Several equities research analysts recently weighed in on PAYX shares. Jefferies Financial Group reduced their price target on shares of Paychex from $82.00 to $68.00 and set a “hold” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating for the company in a research report on Wednesday, March 18th. Robert W. Baird lifted their price objective on shares of Paychex from $83.00 to $87.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a report on Thursday, March 19th. Finally, Stifel Nicolaus decreased their target price on shares of Paychex from $87.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. Paychex currently has an average rating of “Hold” and an average target price of $74.00.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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