Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Argyle Capital Management Inc.

Argyle Capital Management Inc. cut its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 19.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,520 shares of the business services provider’s stock after selling 9,275 shares during the quarter. Paychex accounts for approximately 2.0% of Argyle Capital Management Inc.’s holdings, making the stock its 11th biggest position. Argyle Capital Management Inc.’s holdings in Paychex were worth $4,707,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PAYX. Silver Oak Securities Incorporated increased its stake in shares of Paychex by 1,155.9% during the fourth quarter. Silver Oak Securities Incorporated now owns 3,303 shares of the business services provider’s stock worth $393,000 after acquiring an additional 3,040 shares during the period. Legacy Capital Wealth Partners LLC boosted its stake in shares of Paychex by 13.0% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 2,495 shares of the business services provider’s stock valued at $297,000 after buying an additional 288 shares in the last quarter. Paradiem LLC boosted its stake in shares of Paychex by 38.0% in the fourth quarter. Paradiem LLC now owns 59,731 shares of the business services provider’s stock valued at $7,115,000 after buying an additional 16,435 shares in the last quarter. Dohj LLC raised its position in Paychex by 3.1% in the fourth quarter. Dohj LLC now owns 3,242 shares of the business services provider’s stock worth $386,000 after acquiring an additional 97 shares in the last quarter. Finally, Argonautica Private Wealth Management Inc. lifted its holdings in Paychex by 1.2% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 18,887 shares of the business services provider’s stock valued at $2,250,000 after acquiring an additional 230 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Paychex

In other news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.50% of the stock is currently owned by insiders.

Paychex Price Performance

Paychex stock traded down $2.00 during midday trading on Friday, reaching $119.97. 2,400,533 shares of the company were exchanged, compared to its average volume of 2,120,168. The company has a market capitalization of $43.18 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 3.38 and a beta of 0.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The firm’s 50-day simple moving average is $121.94 and its 200-day simple moving average is $120.39. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex announced that its board has initiated a share repurchase plan on Friday, January 19th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Wedbush restated a “neutral” rating and issued a $115.00 price target on shares of Paychex in a report on Wednesday, April 3rd. TD Cowen reduced their price objective on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Bank of America upped their target price on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Paychex currently has an average rating of “Hold” and an average target price of $123.00.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.