Natixis boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,242 shares of the business services provider’s stock after acquiring an additional 2,879 shares during the quarter. Natixis’ holdings in Paychex were worth $4,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of PAYX. Advisors Preferred LLC raised its position in shares of Paychex by 116.4% in the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after acquiring an additional 843 shares in the last quarter. Clarus Wealth Advisors bought a new position in Paychex during the 2nd quarter valued at approximately $109,000. Summit Trail Advisors LLC increased its position in Paychex by 17,216.0% during the 1st quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after buying an additional 115,864 shares in the last quarter. Fort L.P. bought a new position in Paychex during the 2nd quarter valued at approximately $121,000. Finally, Financial Gravity Wealth Inc. bought a new position in Paychex during the 1st quarter valued at approximately $137,000. Institutional investors own 66.99% of the company’s stock.
PAYX stock opened at $72.36 on Tuesday. The firm has a market capitalization of $26.44 billion, a PE ratio of 28.38, a PEG ratio of 3.24 and a beta of 0.95. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02.
A number of research analysts recently weighed in on PAYX shares. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. Credit Suisse Group upgraded Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Tuesday, October 2nd. Morgan Stanley increased their target price on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, June 28th. Jefferies Financial Group initiated coverage on Paychex in a research note on Monday, October 1st. They set a “hold” rating and a $75.00 target price on the stock. Finally, Guggenheim initiated coverage on Paychex in a research note on Monday, August 20th. They set a “neutral” rating and a $75.00 target price on the stock. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $72.93.
In other Paychex news, CEO Martin Mucci sold 2,683 shares of the firm’s stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $70.37, for a total transaction of $188,802.71. Following the sale, the chief executive officer now directly owns 287,567 shares of the company’s stock, valued at $20,236,089.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John B. Gibson sold 47,250 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The disclosure for this sale can be found here. Insiders have sold 113,010 shares of company stock worth $8,148,549 over the last quarter. 11.80% of the stock is owned by company insiders.
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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