Tokio Marine Asset Management Co. Ltd. Buys 2,545 Shares of Paychex, Inc. (NASDAQ:PAYX)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 40.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,885 shares of the business services provider’s stock after buying an additional 2,545 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Paychex were worth $1,058,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Paychex in the 3rd quarter worth about $26,000. Carmel Capital Partners LLC acquired a new position in shares of Paychex in the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC boosted its stake in Paychex by 91.5% during the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Fortis Group Advisors LLC acquired a new position in Paychex in the 3rd quarter worth about $34,000. Finally, Criterion Capital Advisors LLC bought a new position in shares of Paychex during the 4th quarter worth approximately $40,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Activity

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the transaction, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.50% of the company’s stock.

Paychex Price Performance

Shares of PAYX stock traded up $0.03 on Friday, hitting $122.00. 92,135 shares of the stock traded hands, compared to its average volume of 1,788,028. The firm has a market cap of $43.92 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 3.45 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The firm has a 50 day simple moving average of $122.01 and a two-hundred day simple moving average of $120.36.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping 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 company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. Paychex’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, equities research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

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

About Paychex

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.