Clear Perspective Advisors LLC cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,323 shares of the business services provider’s stock after selling 250 shares during the quarter. Clear Perspective Advisors LLC’s holdings in Paychex were worth $249,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Prentice Wealth Management LLC purchased a new position in shares of Paychex in the first quarter worth $25,000. Exchange Traded Concepts LLC bought a new position in shares of Paychex in the second quarter worth about $30,000. Disciplined Investments LLC purchased a new stake in Paychex in the second quarter worth about $30,000. Sound Income Strategies LLC lifted its position in shares of Paychex by 820.0% during the second quarter. Sound Income Strategies LLC now owns 322 shares of the business services provider’s stock valued at $34,000 after buying an additional 287 shares during the last quarter. Finally, Pflug Koory LLC purchased a new stake in shares of Paychex during the second quarter valued at about $35,000. Hedge funds and other institutional investors own 69.75% of the company’s stock.
In other Paychex news, VP Robert L. Schrader sold 686 shares of the business’s stock in a transaction that occurred on Sunday, August 1st. The stock was sold at an average price of $113.82, for a total value of $78,080.52. Following the completion of the sale, the vice president now owns 12,411 shares in the company, valued at $1,412,620.02. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David J. S. Flaschen sold 10,850 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $112.41, for a total value of $1,219,648.50. Following the completion of the transaction, the director now directly owns 1,879 shares in the company, valued at approximately $211,218.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,477 shares of company stock valued at $28,072,980. 11.70% of the stock is owned by company insiders.
BMO Capital Markets increased their target price on Paychex from $112.00 to $118.00 and gave the company a “market perform” rating in a research report on Friday, October 1st. Deutsche Bank Aktiengesellschaft increased their target price on Paychex from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, October 1st. Argus increased their target price on Paychex from $106.00 to $118.00 and gave the company a “buy” rating in a research report on Monday, June 28th. Finally, Wolfe Research increased their target price on Paychex from $94.00 to $105.00 and gave the company an “underperform” rating in a research report on Friday, July 2nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average price target of $109.83.
Shares of PAYX traded up $1.10 during midday trading on Thursday, hitting $118.56. The company had a trading volume of 13,246 shares, compared to its average volume of 1,646,543. The company’s 50-day simple moving average is $113.54 and its 200-day simple moving average is $106.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market capitalization of $42.75 billion, a P/E ratio of 38.64, a P/E/G ratio of 4.09 and a beta of 0.91. Paychex, Inc. has a 1 year low of $79.63 and a 1 year high of $119.38.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, September 29th. The business services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.09. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Paychex had a return on equity of 38.04% and a net margin of 27.05%. The firm’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. Equities analysts predict that Paychex, Inc. will post 3.37 earnings per share for the current fiscal year.
Paychex declared that its Board of Directors has authorized a share buyback program on Thursday, July 8th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to buy up to 1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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