Flagship Harbor Advisors LLC raised its holdings in Paychex, Inc. (NASDAQ:PAYX) by 80.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,593 shares of the business services provider’s stock after buying an additional 2,490 shares during the period. Flagship Harbor Advisors LLC’s holdings in Paychex were worth $448,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Pinnacle Bank increased its position in shares of Paychex by 2.5% during the first quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock worth $409,000 after purchasing an additional 125 shares in the last quarter. Exeter Financial LLC increased its position in shares of Paychex by 1.0% during the first quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after purchasing an additional 128 shares in the last quarter. Clifford Swan Investment Counsel LLC increased its position in shares of Paychex by 2.3% during the fourth quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after purchasing an additional 145 shares in the last quarter. Hollencrest Capital Management increased its position in shares of Paychex by 4.3% during the first quarter. Hollencrest Capital Management now owns 3,537 shares of the business services provider’s stock worth $284,000 after purchasing an additional 146 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Paychex by 12.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,376 shares of the business services provider’s stock worth $89,000 after purchasing an additional 154 shares in the last quarter. Institutional investors own 68.66% of the company’s stock.
In related news, Director Joseph M. Tucci sold 6,250 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the transaction, the director now owns 56,117 shares of the company’s stock, valued at $4,617,867.93. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Pamela A. Joseph sold 19,154 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $81.19, for a total value of $1,555,113.26. Following the transaction, the director now directly owns 13,448 shares in the company, valued at approximately $1,091,843.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,272 shares of company stock worth $16,458,249. Corporate insiders own 11.80% of the company’s stock.
PAYX has been the topic of a number of research analyst reports. Barclays lifted their target price on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and lifted their target price 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, Credit Suisse Group lifted their target price on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $74.14.
NASDAQ PAYX opened at $81.59 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.11 and a current ratio of 1.11. Paychex, Inc. has a 52-week low of $59.55 and a 52-week high of $82.64. The stock has a market cap of $29.58 billion, a P/E ratio of 32.00, a P/E/G ratio of 3.20 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the company posted $0.63 earnings per share. The business’s revenue was up 14.3% on a year-over-year basis. Analysts predict that Paychex, Inc. will post 2.86 earnings per share for the current fiscal year.
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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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