Baxter Bros Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,862 shares of the business services provider’s stock after purchasing an additional 440 shares during the period. Paychex accounts for approximately 2.0% of Baxter Bros Inc.’s investment portfolio, making the stock its 13th biggest position. Baxter Bros Inc.’s holdings in Paychex were worth $8,410,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in PAYX. Lunia Capital LP raised its position in Paychex by 8,881.0% during the 4th quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock worth $10,859,000 after purchasing an additional 10,738,096 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Paychex by 1,614,724.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,477,828 shares of the business services provider’s stock valued at $624,389,000 after buying an additional 8,477,303 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Paychex by 5,734.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock valued at $84,000 after buying an additional 5,365,298 shares during the period. Ronna Sue Cohen grew its stake in shares of Paychex by 7,736.0% in the 1st quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock valued at $4,004,000 after buying an additional 3,952,727 shares during the period. Finally, Norges Bank acquired a new stake in shares of Paychex in the 4th quarter valued at about $191,026,000. 68.66% of the stock is owned by institutional investors and hedge funds.
In other Paychex news, CEO Martin Mucci sold 50,000 shares of Paychex stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the transaction, the chief executive officer now owns 349,929 shares of the company’s stock, valued at approximately $25,306,865.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph M. Tucci sold 6,250 shares of Paychex stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the transaction, the director now directly owns 56,117 shares in the company, valued at approximately $4,617,867.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,272 shares of company stock worth $16,042,029. Insiders own 11.80% of the company’s stock.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter last year, the firm earned $0.63 EPS. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current year.
A number of equities analysts have issued reports on PAYX shares. Barclays lifted their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. Finally, Credit Suisse Group lifted their price target on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Paychex has a consensus rating of “Hold” and a consensus target price of $74.14.
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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