Legacy Capital Wealth Partners LLC Raises Holdings in Paychex, Inc. (NASDAQ:PAYX)

Legacy Capital Wealth Partners LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 13.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,495 shares of the business services provider’s stock after purchasing an additional 288 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Paychex were worth $297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in Paychex during the 3rd quarter valued at $26,000. Carmel Capital Partners LLC purchased 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% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Fortis Group Advisors LLC acquired a new stake in shares of Paychex during the third quarter worth $34,000. Finally, Criterion Capital Advisors LLC purchased a new stake in shares of Paychex during the fourth quarter valued at $40,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Stock Up 0.7 %

PAYX opened at $120.81 on Tuesday. The company has a market cap of $43.49 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 3.38 and a beta of 0.93. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The company has a 50-day moving average price of $121.89 and a 200 day moving average price of $120.41. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The business’s revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. Sell-side analysts expect that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its Board of Directors has authorized a stock repurchase plan on Friday, January 19th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Paychex 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.