Paychex, Inc. (NASDAQ:PAYX) is Van Cleef Asset Management Inc’s 10th Largest Position

Van Cleef Asset Management Inc grew its position in Paychex, Inc. (NASDAQ:PAYX) by 0.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 141,445 shares of the business services provider’s stock after buying an additional 960 shares during the period. Paychex makes up about 2.4% of Van Cleef Asset Management Inc’s investment portfolio, making the stock its 10th largest holding. Van Cleef Asset Management Inc’s holdings in Paychex were worth $16,847,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Griffin Asset Management Inc. grew its position in Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock valued at $2,171,000 after buying an additional 88 shares during the period. Aaron Wealth Advisors LLC boosted its position in shares of Paychex by 5.1% in the fourth quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after purchasing an additional 92 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Paychex by 3.5% in the third quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock worth $329,000 after purchasing an additional 96 shares during the period. Marino Stram & Associates LLC boosted its position in shares of Paychex by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 5,789 shares of the business services provider’s stock worth $690,000 after purchasing an additional 98 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in shares of Paychex by 0.9% in the fourth quarter. Verdence Capital Advisors LLC now owns 10,550 shares of the business services provider’s stock worth $1,257,000 after purchasing an additional 99 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PAYX shares. Bank of America upped their price target on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Wedbush reiterated a “neutral” rating and issued a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Wednesday, April 3rd. Finally, TD Cowen cut their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus target price of $123.00.

Paychex Price Performance

PAYX stock traded down $0.55 during trading on Thursday, hitting $121.97. 1,204,021 shares of the company’s stock traded hands, compared to its average volume of 1,809,504. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The business has a fifty day simple moving average of $122.02 and a 200 day simple moving average of $120.35. The stock has a market capitalization of $43.90 billion, a price-to-earnings ratio of 26.69, a P/E/G ratio of 3.43 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the business earned $1.29 earnings per share. Paychex’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, research analysts expect that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex announced that its board has initiated a stock buyback program on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to buy up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Paychex

In other news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.50% of the company’s stock.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.