Welch & Forbes LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 562,232 shares of the business services provider’s stock after selling 11,804 shares during the quarter. Paychex makes up 1.1% of Welch & Forbes LLC’s holdings, making the stock its 24th largest position. Welch & Forbes LLC owned about 0.16% of Paychex worth $46,536,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Paychex by 9.7% in the 2nd quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock valued at $2,841,008,000 after purchasing an additional 3,058,635 shares during the period. Vanguard Group Inc. raised its holdings in Paychex by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 26,398,764 shares of the business services provider’s stock valued at $2,172,355,000 after acquiring an additional 425,365 shares during the period. Wells Fargo & Company MN raised its holdings in Paychex by 11.0% in the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after acquiring an additional 919,406 shares during the period. Invesco Ltd. raised its holdings in Paychex by 1.5% in the 2nd quarter. Invesco Ltd. now owns 5,849,907 shares of the business services provider’s stock valued at $481,389,000 after acquiring an additional 85,215 shares during the period. Finally, Bahl & Gaynor Inc. raised its holdings in Paychex by 27.7% in the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock valued at $260,697,000 after acquiring an additional 686,831 shares during the period. 69.73% of the stock is currently owned by institutional investors.
In other Paychex news, VP Robert L. Schrader sold 751 shares of the stock in a transaction that occurred on Saturday, August 3rd. The shares were sold at an average price of $83.89, for a total transaction of $63,001.39. Following the transaction, the vice president now owns 9,166 shares in the company, valued at approximately $768,935.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert L. Schrader sold 609 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $83.88, for a total transaction of $51,082.92. Following the transaction, the vice president now owns 9,166 shares in the company, valued at approximately $768,844.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,516 shares of company stock worth $1,153,665. Company insiders own 11.70% of the company’s stock.
Several research firms have weighed in on PAYX. Barclays increased their price target on shares of Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a report on Monday. Argus reissued a “buy” rating and issued a $92.00 price target on shares of Paychex in a report on Thursday, October 3rd. Cowen began coverage on shares of Paychex in a report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price target on the stock. Bank of America cut shares of Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of Paychex from a “buy” rating to a “hold” rating in a report on Saturday, August 24th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $79.33.
Shares of NASDAQ:PAYX traded up $1.25 on Friday, reaching $85.19. 815,627 shares of the company’s stock were exchanged, compared to its average volume of 1,747,630. The company has a fifty day moving average of $82.13 and a 200-day moving average of $83.56. Paychex, Inc. has a twelve month low of $61.32 and a twelve month high of $88.43. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 2.94 and a beta of 0.90. The company has a current ratio of 1.15, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35.
Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) 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 firm had revenue of $992.00 million for the quarter, compared to analyst estimates of $991.70 million. During the same quarter in the prior year, the business posted $0.67 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts forecast that Paychex, Inc. will post 3.11 EPS for the current fiscal year.
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.
Further Reading: How Do I Invest in Dividend Stocks
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.