Segall Bryant & Hamill LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,393 shares of the business services provider’s stock, valued at approximately $259,000.
A number of other hedge funds also recently modified their holdings of the company. Golub Group LLC increased its stake in shares of Paychex by 1.2% in the first quarter. Golub Group LLC now owns 14,855 shares of the business services provider’s stock worth $875,000 after buying an additional 172 shares in the last quarter. RFG Advisory Group LLC increased its stake in shares of Paychex by 66.9% in the first quarter. RFG Advisory Group LLC now owns 15,325 shares of the business services provider’s stock worth $893,000 after buying an additional 6,144 shares in the last quarter. Northwest Quadrant Wealth Management LLC increased its stake in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after buying an additional 24 shares during the period. LVW Advisors LLC increased its stake in Paychex by 37.0% in the first quarter. LVW Advisors LLC now owns 13,846 shares of the business services provider’s stock valued at $816,000 after buying an additional 3,738 shares during the period. Finally, Legal & General Group Plc increased its stake in Paychex by 4.2% in the first quarter. Legal & General Group Plc now owns 1,964,434 shares of the business services provider’s stock valued at $115,722,000 after buying an additional 78,807 shares during the period. Institutional investors own 68.51% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 57.42 on Monday. The company has a 50 day moving average price of $58.87 and a 200 day moving average price of $59.90. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The company has a market capitalization of $20.64 billion, a P/E ratio of 25.52 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter in the prior year, the company earned $0.49 EPS. Paychex’s revenue was up 6.0% on a year-over-year basis. Equities analysts anticipate that Paychex, Inc. will post $2.37 EPS for the current year.
Several analysts have recently weighed in on the company. Jefferies Group LLC reiterated a “sell” rating and set a $50.00 target price on shares of Paychex in a research report on Tuesday, March 21st. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush reiterated a “neutral” rating and set a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BMO Capital Markets decreased their target price on Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Finally, BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $59.16.
In related news, VP Mark Anthony Bottini sold 35,000 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $60.01, for a total transaction of $2,100,350.00. Following the transaction, the vice president now owns 47,007 shares of the company’s stock, valued at approximately $2,820,890.07. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph M. Velli sold 9,000 shares of the stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $58.29, for a total value of $524,610.00. Following the transaction, the director now directly owns 30,624 shares in the company, valued at approximately $1,785,072.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,654 shares of company stock worth $3,827,829. 11.60% of the stock is owned by corporate insiders.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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