Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 107.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 647 shares of the business services provider’s stock after purchasing an additional 335 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in Paychex were worth $53,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in Paychex in the 2nd quarter valued at $29,000. Stonebridge Capital Advisors LLC acquired a new position in Paychex in the 2nd quarter valued at $32,000. Lowe Wealth Advisors LLC increased its stake in Paychex by 466.3% in the 2nd quarter. Lowe Wealth Advisors LLC now owns 453 shares of the business services provider’s stock valued at $37,000 after buying an additional 373 shares during the period. FinTrust Capital Advisors LLC increased its stake in Paychex by 50.3% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 466 shares of the business services provider’s stock valued at $38,000 after buying an additional 156 shares during the period. Finally, Sandy Spring Bank increased its stake in Paychex by 100.0% in the 2nd quarter. Sandy Spring Bank now owns 600 shares of the business services provider’s stock valued at $50,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 69.73% of the company’s stock.
In related news, Director Pamela A. Joseph sold 12,156 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $85.52, for a total value of $1,039,581.12. Following the sale, the director now directly owns 18,893 shares in the company, valued at approximately $1,615,729.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert L. Schrader sold 751 shares of the business’s stock in a transaction dated Saturday, August 3rd. The stock was sold at an average price of $83.89, for a total transaction of $63,001.39. Following the completion of the sale, the vice president now owns 9,166 shares in the company, valued at $768,935.74. The disclosure for this sale can be found here. Insiders sold a total of 13,516 shares of company stock worth $1,153,665 over the last quarter. Insiders own 11.70% of the company’s stock.
NASDAQ:PAYX opened at $84.63 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.15 and a debt-to-equity ratio of 0.35. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The stock has a market cap of $29.75 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 2.97 and a beta of 0.90. The firm’s fifty day simple moving average is $82.19 and its 200-day simple moving average is $83.59.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The business had revenue of $992.00 million for the quarter, compared to analysts’ expectations of $991.70 million. During the same period in the prior year, the company posted $0.67 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post 3.11 earnings per share for the current year.
PAYX has been the topic of several recent research reports. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Argus reaffirmed a “buy” rating and set a $92.00 price target on shares of Paychex in a research note on Thursday, October 3rd. Bank of America cut shares of Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Barclays upped their price target on shares of Paychex from $80.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $77.00 to $74.00 in a research note on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Paychex currently has a consensus rating of “Hold” and an average price target of $79.33.
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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