Raymond James Trust N.A. grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the first quarter, HoldingsChannel reports. The fund owned 81,488 shares of the business services provider’s stock after purchasing an additional 557 shares during the quarter. Raymond James Trust N.A.’s holdings in Paychex were worth $6,535,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of PAYX. Salem Capital Management Inc. lifted its position in shares of Paychex by 2.5% in the 1st quarter. Salem Capital Management Inc. now owns 19,104 shares of the business services provider’s stock worth $1,532,000 after purchasing an additional 460 shares during the period. Retirement Systems of Alabama lifted its position in shares of Paychex by 0.8% in the 1st quarter. Retirement Systems of Alabama now owns 148,812 shares of the business services provider’s stock worth $11,935,000 after purchasing an additional 1,184 shares during the period. American Asset Management Inc. purchased a new stake in shares of Paychex in the 1st quarter worth approximately $233,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Paychex in the 1st quarter worth approximately $1,581,000. Finally, First Citizens Bank & Trust Co. lifted its position in shares of Paychex by 6.0% in the 1st quarter. First Citizens Bank & Trust Co. now owns 12,812 shares of the business services provider’s stock worth $1,027,000 after purchasing an additional 726 shares during the period. Institutional investors and hedge funds own 68.64% of the company’s stock.
Several brokerages have recently weighed in on PAYX. Credit Suisse Group upped their price target 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. Barclays upped their price target 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. BMO Capital Markets reaffirmed a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. Finally, Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and upped their price target 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. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $74.14.
In other Paychex news, Director Pamela A. Joseph sold 19,154 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $81.19, for a total value of $1,555,113.26. Following the completion of the transaction, the director now owns 13,448 shares of the company’s stock, valued at $1,091,843.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph M. Tucci sold 6,250 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the completion of the transaction, the director now directly owns 56,117 shares of the company’s stock, valued at approximately $4,617,867.93. The disclosure for this sale can be found here. Insiders have sold 215,272 shares of company stock valued at $16,458,249 in the last three months. 11.80% of the stock is currently owned by corporate insiders.
NASDAQ:PAYX traded up $0.21 during midday trading on Monday, reaching $82.37. 896,098 shares of the stock traded hands, compared to its average volume of 1,954,987. Paychex, Inc. has a 12-month low of $59.55 and a 12-month high of $82.48. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $29.56 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 3.16 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.89. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. Paychex’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, analysts expect that Paychex, Inc. will post 2.86 EPS for the current year.
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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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