Palisade Asset Management LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,300 shares of the business services provider’s stock, valued at approximately $986,000.
Several other institutional investors also recently bought and sold shares of the company. Lunia Capital LP lifted its stake in Paychex by 8,881.0% during the fourth quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock valued at $10,859,000 after purchasing an additional 10,738,096 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Paychex by 1,614,724.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,477,828 shares of the business services provider’s stock valued at $624,389,000 after acquiring an additional 8,477,303 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of Paychex by 1,672.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,357,793 shares of the business services provider’s stock valued at $468,250,000 after acquiring an additional 5,999,001 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Paychex by 5,734.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock valued at $84,000 after acquiring an additional 5,365,298 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Paychex in the 4th quarter valued at approximately $191,026,000. Institutional investors and hedge funds own 68.64% of the company’s stock.
In other news, VP Jennifer R. Vossler sold 6,000 shares of the stock in a transaction on Friday, January 18th. The shares were sold at an average price of $69.37, for a total transaction of $416,220.00. Following the transaction, the vice president now owns 27,701 shares in the company, valued at approximately $1,921,618.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Martin Mucci sold 50,000 shares of the stock in a transaction on Monday, February 4th. The stock was sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the transaction, the chief executive officer now owns 349,929 shares in the company, valued at approximately $25,306,865.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,272 shares of company stock worth $16,458,249. 11.80% of the stock is currently owned by company insiders.
Shares of PAYX traded up $0.21 during mid-day trading on Monday, hitting $82.37. 760,416 shares of the company’s stock were exchanged, compared to its average volume of 1,954,987. Paychex, Inc. has a twelve month low of $59.55 and a twelve month high of $82.48. The firm has a market cap of $29.56 billion, a price-to-earnings ratio of 32.30, a price-to-earnings-growth ratio of 3.16 and a beta of 1.04. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the business posted $0.63 EPS. Paychex’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, research analysts predict that Paychex, Inc. will post 2.86 earnings per share for the current fiscal year.
Several research analysts have weighed in on PAYX shares. Barclays upped their price objective on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. Bank of America upgraded shares of Paychex from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. Finally, Credit Suisse Group upped their price objective on shares of Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $74.14.
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Paychex Company Profile
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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