Kore Private Wealth LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,345 shares of the business services provider’s stock after buying an additional 255 shares during the period. Kore Private Wealth LLC’s holdings in Paychex were worth $466,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Prentice Wealth Management LLC purchased a new position in Paychex during the first quarter worth $25,000. Exchange Traded Concepts LLC acquired a new position in shares of Paychex during the second quarter worth about $30,000. Disciplined Investments LLC acquired a new position in shares of Paychex during the second quarter worth about $30,000. Sound Income Strategies LLC lifted its stake in shares of Paychex by 820.0% during the second quarter. Sound Income Strategies LLC now owns 322 shares of the business services provider’s stock worth $34,000 after purchasing an additional 287 shares in the last quarter. Finally, Pflug Koory LLC purchased a new stake in shares of Paychex during the second quarter worth about $35,000. 69.75% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently weighed in on the company. Barclays boosted their price objective on Paychex from $106.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, October 4th. Jefferies Financial Group upped their target price on Paychex from $95.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, June 25th. upped their price target on Paychex from $105.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, June 30th. JPMorgan Chase & Co. upped their price target on Paychex from $105.00 to $111.00 and gave the company an “underweight” rating in a report on Tuesday, August 17th. Finally, Robert W. Baird boosted their target price on shares of Paychex from $111.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday, October 4th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $109.83.
NASDAQ PAYX opened at $117.46 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $42.36 billion, a P/E ratio of 38.64, a P/E/G ratio of 4.09 and a beta of 0.91. Paychex, Inc. has a 12-month low of $79.63 and a 12-month high of $119.38. The firm has a 50-day moving average price of $113.54 and a two-hundred day moving average price of $106.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, September 29th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.09. Paychex had a net margin of 27.05% and a return on equity of 38.04%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company earned $0.63 EPS. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. Equities analysts expect that Paychex, Inc. will post 3.37 EPS for the current year.
Paychex announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 8th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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