Scout Investments Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 57.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 574,230 shares of the business services provider’s stock after buying an additional 208,965 shares during the quarter. Paychex comprises approximately 0.9% of Scout Investments Inc.’s holdings, making the stock its 25th largest position. Scout Investments Inc. owned about 0.16% of Paychex worth $37,411,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in PAYX. Harvest Fund Management Co. Ltd purchased a new position in shares of Paychex in the third quarter valued at $115,000. TRUE Private Wealth Advisors purchased a new position in shares of Paychex in the third quarter valued at $137,000. Vectors Research Management LLC purchased a new position in shares of Paychex in the third quarter valued at $158,000. Girard Partners LTD. purchased a new position in shares of Paychex in the third quarter valued at $164,000. Finally, Honkamp Krueger Financial Services Inc. purchased a new position in shares of Paychex in the third quarter valued at $180,000. 69.53% of the stock is owned by institutional investors and hedge funds.
PAYX has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Paychex in a report on Monday, October 1st. They issued a “hold” rating and a $75.00 target price for the company. BidaskClub lowered shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 2nd. Credit Suisse Group raised shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Tuesday, October 2nd. BMO Capital Markets raised their target price on shares of Paychex from $70.00 to $77.00 and gave the company a “market perform” rating in a report on Wednesday, October 3rd. Finally, Citigroup raised their target price on shares of Paychex from $67.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Paychex has an average rating of “Hold” and a consensus target price of $72.60.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Paychex had a return on equity of 41.61% and a net margin of 27.99%. The company had revenue of $858.90 million during the quarter, compared to the consensus estimate of $860.61 million. During the same period last year, the company earned $0.59 earnings per share. Paychex’s revenue was up 7.0% on a year-over-year basis. On average, sell-side analysts anticipate that Paychex, Inc. will post 2.86 EPS for the current year.
In other Paychex news, Director Joseph Doody bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 23rd. The stock was acquired at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the completion of the transaction, the director now owns 16,639 shares in the company, valued at $1,106,493.50. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 11.80% of the stock is currently owned by company insiders.
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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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