Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Intrust Bank NA

Intrust Bank NA boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 9.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,338 shares of the business services provider’s stock after purchasing an additional 204 shares during the quarter. Intrust Bank NA’s holdings in Paychex were worth $278,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Outlook Wealth Advisors LLC acquired a new position in shares of Paychex in the 4th quarter valued at $214,000. Cerity Partners LLC grew its holdings in shares of Paychex by 80.2% during the fourth quarter. Cerity Partners LLC now owns 343,269 shares of the business services provider’s stock worth $40,887,000 after purchasing an additional 152,818 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Paychex during the fourth quarter worth about $1,229,000. Sequoia Financial Advisors LLC increased its position in shares of Paychex by 366.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 20,863 shares of the business services provider’s stock worth $2,485,000 after purchasing an additional 16,391 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Paychex by 218.8% in the 4th quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock valued at $80,794,000 after purchasing an additional 466,890 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America boosted their price objective on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research note on Wednesday, April 3rd. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. TD Cowen lowered their price target on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Finally, Evercore ISI reissued an “in-line” rating and issued a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $123.00.

Paychex Trading Up 0.5 %

NASDAQ:PAYX opened at $119.41 on Thursday. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a fifty day moving average price of $121.69 and a two-hundred day moving average price of $120.40. The stock has a market capitalization of $42.98 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 3.35 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm posted $1.29 EPS. The business’s revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex announced that its board has initiated a share buyback plan on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.