American Asset Management Inc. acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,900 shares of the business services provider’s stock, valued at approximately $233,000.
Several other institutional investors and hedge funds also recently made changes to their positions in PAYX. Pinnacle Bank raised its position in shares of Paychex by 2.5% in the first quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock worth $409,000 after acquiring an additional 125 shares during the period. Exeter Financial LLC raised its position in shares of Paychex by 1.0% in the first quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after acquiring an additional 128 shares during the period. Clifford Swan Investment Counsel LLC raised its position in shares of Paychex by 2.3% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after acquiring an additional 145 shares during the period. Hollencrest Capital Management raised its position in shares of Paychex by 4.3% in the first quarter. Hollencrest Capital Management now owns 3,537 shares of the business services provider’s stock worth $284,000 after acquiring an additional 146 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in shares of Paychex by 12.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,376 shares of the business services provider’s stock worth $89,000 after acquiring an additional 154 shares during the period. 68.64% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Pamela A. Joseph sold 19,154 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $81.19, for a total transaction of $1,555,113.26. Following the completion of the transaction, the director now owns 13,448 shares in the company, valued at approximately $1,091,843.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 5,534 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $80.89, for a total transaction of $447,645.26. Following the transaction, the vice president now owns 43,955 shares of the company’s stock, valued at approximately $3,555,519.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,022 shares of company stock valued at $15,943,936. Insiders own 11.80% of the company’s stock.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, hitting the 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 the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Paychex, Inc. will post 2.86 earnings per share for the current year.
A number of brokerages have weighed in on PAYX. Barclays upped their price objective on shares of Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Credit Suisse Group upped their price objective on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Bank of America upgraded shares of Paychex from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $74.14.
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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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