Global Retirement Partners LLC grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 44.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,210 shares of the business services provider’s stock after acquiring an additional 372 shares during the period. Global Retirement Partners LLC’s holdings in Paychex were worth $79,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Hancock Whitney Corp grew its holdings in Paychex by 14.4% during the fourth quarter. Hancock Whitney Corp now owns 35,647 shares of the business services provider’s stock worth $2,322,000 after purchasing an additional 4,485 shares during the period. Cetera Advisors LLC grew its holdings in Paychex by 2.1% during the fourth quarter. Cetera Advisors LLC now owns 13,439 shares of the business services provider’s stock worth $884,000 after purchasing an additional 281 shares during the period. Buckingham Capital Management Inc. grew its holdings in Paychex by 1.0% during the third quarter. Buckingham Capital Management Inc. now owns 18,175 shares of the business services provider’s stock worth $1,339,000 after purchasing an additional 183 shares during the period. Geneva Partners LLC bought a new position in Paychex during the fourth quarter worth about $459,000. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Paychex by 4.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 156,270 shares of the business services provider’s stock worth $10,181,000 after purchasing an additional 6,180 shares during the period. Institutional investors own 68.64% of the company’s stock.
Shares of NASDAQ:PAYX traded up $0.21 during trading on Monday, reaching $82.37. 760,416 shares of the stock were exchanged, 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 stock has a market cap of $29.56 billion, a PE ratio of 32.30, a P/E/G ratio of 3.16 and a beta of 1.04. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.
In other news, Director Pamela A. Joseph sold 19,154 shares of Paychex stock in a transaction that occurred 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 sale, the director now directly owns 13,448 shares in the company, valued at $1,091,843.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Laurie L. Zaucha sold 5,534 shares of Paychex stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $80.89, for a total transaction of $447,645.26. Following the completion of the sale, the vice president now owns 43,955 shares of the company’s stock, valued at $3,555,519.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,272 shares of company stock valued at $16,458,249. Corporate insiders own 11.80% of the company’s stock.
A number of equities analysts recently commented on the company. Credit Suisse Group lifted their price target on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Barclays lifted their price target on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a report on Monday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a report on Thursday, December 20th. Finally, Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $64.00 to $68.00 in a report on Tuesday, January 8th. They noted that the move was a valuation call. One research 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 stock presently has an average rating of “Hold” and an average target price of $74.14.
Paychex Company 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.
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