Armbruster Capital Management Inc. Raises Position in Paychex, Inc. (PAYX)

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Armbruster Capital Management Inc. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,442 shares of the business services provider’s stock after purchasing an additional 2,547 shares during the period. Paychex comprises about 0.9% of Armbruster Capital Management Inc.’s holdings, making the stock its 22nd largest holding. Armbruster Capital Management Inc.’s holdings in Paychex were worth $2,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of PAYX. Lunia Capital LP lifted its stake in Paychex by 8,881.0% in the 4th 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 stake in 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 purchasing an additional 8,477,303 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in 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 purchasing an additional 5,365,298 shares during the last quarter. Norges Bank bought a new position in Paychex in the 4th quarter valued at approximately $191,026,000. Finally, BlackRock Inc. lifted its stake in Paychex by 5.9% in the 4th quarter. BlackRock Inc. now owns 28,030,198 shares of the business services provider’s stock valued at $1,826,167,000 after purchasing an additional 1,560,669 shares during the last quarter. 68.66% of the stock is owned by institutional investors and hedge funds.

In other Paychex news, CEO Martin Mucci sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $72.32, for a total value of $3,616,000.00. Following the completion of the transaction, the chief executive officer now directly owns 349,929 shares in the company, valued at approximately $25,306,865.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jennifer R. Vossler sold 6,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 27,701 shares of the company’s stock, valued at $1,921,618.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 215,272 shares of company stock valued at $16,458,249. Corporate insiders own 11.80% of the company’s stock.

Shares of NASDAQ PAYX opened at $81.59 on Wednesday. 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, Inc. has a 52-week low of $59.55 and a 52-week high of $82.64. The company has a market capitalization of $29.58 billion, a price-to-earnings ratio of 32.00, a price-to-earnings-growth ratio of 3.20 and a beta of 1.04.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company posted $0.63 EPS. The company’s revenue was up 14.3% on a year-over-year basis. As a group, research analysts expect that Paychex, Inc. will post 2.86 earnings per share for the current year.

PAYX has been the subject of several research reports. Credit Suisse Group increased 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. Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and increased 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. BMO Capital Markets reissued a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. Finally, Barclays increased 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. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and a consensus target price of $74.14.

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About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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