Cetera Advisor Networks LLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,155 shares of the business services provider’s stock after acquiring an additional 292 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Paychex were worth $532,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of PAYX. We Are One Seven LLC acquired a new position in shares of Paychex during the 4th quarter worth approximately $25,000. Baldwin Brothers Inc. MA acquired a new position in Paychex in the 4th quarter valued at $27,000. Loeb Partners Corp acquired a new position in Paychex in the 4th quarter valued at $39,000. Rational Advisors LLC grew its holdings in Paychex by 4,623.1% in the 4th quarter. Rational Advisors LLC now owns 614 shares of the business services provider’s stock valued at $40,000 after buying an additional 601 shares in the last quarter. Finally, Berman Capital Advisors LLC acquired a new position in Paychex in the 4th quarter valued at $41,000. 68.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of PAYX traded down $0.10 during trading hours on Wednesday, hitting $83.48. 1,010,446 shares of the company were exchanged, compared to its average volume of 1,907,678. The firm has a market cap of $29.98 billion, a P/E ratio of 32.74, a price-to-earnings-growth ratio of 3.18 and a beta of 1.04. Paychex, Inc. has a fifty-two week low of $59.55 and a fifty-two week high of $84.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.11 and a current ratio of 1.11.
In related news, VP Laurie L. Zaucha sold 5,534 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was 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 directly owns 43,955 shares in the company, valued at approximately $3,555,519.95. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph M. Velli sold 6,250 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $80.59, for a total value of $503,687.50. Following the sale, the director now owns 33,291 shares of the company’s stock, valued at $2,682,921.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 209,272 shares of company stock valued at $16,042,029. 11.80% of the stock is owned by corporate insiders.
A number of brokerages have commented on PAYX. Credit Suisse Group upped their price objective on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Barclays upped their price objective on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, April 1st. Finally, Bank of America raised Paychex from an “underperform” rating to a “neutral” rating and increased their target price 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 investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target 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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