Archford Capital Strategies LLC bought a new stake in shares of Paychex (NASDAQ:PAYX) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,594 shares of the business services provider’s stock, valued at approximately $449,000.
Several other hedge funds and other institutional investors have also modified their holdings of PAYX. Field & Main Bank bought a new position in shares of Paychex during the fourth quarter valued at approximately $101,000. Acadian Asset Management LLC purchased a new stake in shares of Paychex in the fourth quarter worth $109,000. Avestar Capital LLC purchased a new stake in shares of Paychex in the fourth quarter worth $126,000. Financial Gravity Companies Inc. purchased a new stake in shares of Paychex in the fourth quarter worth $127,000. Finally, Calton & Associates Inc. purchased a new stake in shares of Paychex in the fourth quarter worth $151,000. 68.70% of the stock is owned by institutional investors.
In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction that occurred 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 sale, the vice president now owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Gioja sold 110,000 shares of Paychex 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 completion of the sale, 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 currently owned by insiders.
Shares of Paychex stock traded down $0.02 during mid-day trading on Thursday, reaching $61.65. 1,904,269 shares of the stock traded hands, compared to its average volume of 2,342,927. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $73.10. The stock has a market capitalization of $22,264.30, a P/E ratio of 28.02, a PEG ratio of 3.19 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The business had revenue of $866.50 million during the quarter, compared to analyst estimates of $853.99 million. During the same period last year, the business posted $0.55 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. equities analysts forecast that Paychex will post 2.49 EPS for the current fiscal year.
A number of research analysts have weighed in on the company. BidaskClub downgraded Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America downgraded Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective on the stock. in a research note on Tuesday, January 9th. Stifel Nicolaus restated a “hold” rating and set a $66.00 price target (down previously from $68.00) on shares of Paychex in a report on Tuesday, March 27th. Citigroup dropped their target price on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday, March 28th. Finally, Morgan Stanley decreased their price target on Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 27th. Thirteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $64.94.
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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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