450 Shares in Paychex, Inc. (NASDAQ:PAYX) Purchased by ICA Group Wealth Management LLC

ICA Group Wealth Management LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 450 shares of the business services provider’s stock, valued at approximately $54,000.

Several other hedge funds also recently bought and sold shares of the company. Ethos Financial Group LLC increased its stake in Paychex by 4.6% in the 4th quarter. Ethos Financial Group LLC now owns 1,952 shares of the business services provider’s stock worth $232,000 after acquiring an additional 85 shares during the last quarter. Griffin Asset Management Inc. increased its holdings in shares of Paychex by 0.5% in the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock worth $2,171,000 after buying an additional 88 shares during the period. Aaron Wealth Advisors LLC lifted its stake in shares of Paychex by 5.1% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock valued at $227,000 after acquiring an additional 92 shares during the last quarter. Rogco LP lifted its stake in shares of Paychex by 1.1% in the 4th quarter. Rogco LP now owns 8,469 shares of the business services provider’s stock valued at $1,009,000 after acquiring an additional 93 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Paychex by 3.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock valued at $329,000 after acquiring an additional 96 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

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

Paychex Trading Up 0.7 %

PAYX stock traded up $0.84 during trading on Monday, reaching $120.81. The company had a trading volume of 1,925,934 shares, compared to its average volume of 1,818,135. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The business has a 50 day moving average of $121.89 and a 200 day moving average of $120.41. The company has a market cap of $43.49 billion, a P/E ratio of 26.32, a PEG ratio of 3.38 and a beta of 0.93.

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

Paychex announced that its Board of Directors has approved a share buyback plan on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Paychex Company Profile

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.