Cypress Capital Group Grows Holdings in Paychex, Inc. (NASDAQ:PAYX)

Cypress Capital Group grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 126,905 shares of the business services provider’s stock after acquiring an additional 2,310 shares during the quarter. Paychex comprises approximately 1.8% of Cypress Capital Group’s portfolio, making the stock its 12th biggest position. Cypress Capital Group’s holdings in Paychex were worth $8,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of PAYX. Advisors Preferred LLC increased its holdings in 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 buying an additional 843 shares in the last quarter. Clarus Wealth Advisors purchased a new position in Paychex in the second quarter worth about $109,000. Summit Trail Advisors LLC boosted its position in Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock worth $117,000 after purchasing an additional 115,864 shares during the last quarter. Fort L.P. purchased a new position in Paychex in the second quarter worth about $121,000. Finally, Financial Gravity Wealth Inc. purchased a new position in Paychex in the first quarter worth about $137,000. Hedge funds and other institutional investors own 66.99% of the company’s stock.

PAYX stock opened at $72.36 on Tuesday. Paychex, Inc. has a twelve month low of $59.36 and a twelve month high of $76.02. The stock has a market cap of $26.44 billion, a PE ratio of 28.38, a P/E/G ratio of 3.24 and a beta of 0.95.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The firm had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. During the same period in the previous year, the firm earned $0.62 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts predict that Paychex, Inc. will post 2.84 earnings per share for the current year.

In related news, VP Mark Anthony Bottini sold 452 shares of the business’s stock in a transaction that occurred on Thursday, July 12th. The stock was sold at an average price of $70.37, for a total value of $31,807.24. Following the transaction, the vice president now directly owns 50,219 shares of the company’s stock, valued at approximately $3,533,911.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was 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. Over the last ninety days, insiders have sold 113,010 shares of company stock worth $8,148,549. Insiders own 11.80% of the company’s stock.

Several research analysts have issued reports on the company. Moffett Nathanson assumed coverage on Paychex in a research report on Thursday, October 4th. They issued a “neutral” rating and a $79.00 target price on the stock. Morgan Stanley raised their target price on Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 3rd. Deutsche Bank raised their target price on Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Stifel Nicolaus raised their target price on Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Finally, Citigroup raised their target price on Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the stock. Paychex currently has a consensus rating of “Hold” and a consensus price target of $72.93.

Paychex 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.

See Also: Return on Equity (ROE)

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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