ICA Group Wealth Management LLC Buys Shares of 450 Paychex, Inc. (NASDAQ:PAYX)

ICA Group Wealth Management LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 450 shares of the business services provider’s stock, valued at approximately $54,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SageView Advisory Group LLC raised its holdings in shares of Paychex by 189.9% during the 4th quarter. SageView Advisory Group LLC now owns 10,968 shares of the business services provider’s stock valued at $1,343,000 after purchasing an additional 7,185 shares in the last quarter. Richardson Financial Services Inc. acquired a new stake in shares of Paychex in the fourth quarter worth about $89,000. Fortis Group Advisors LLC boosted its stake in shares of Paychex by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 596 shares of the business services provider’s stock worth $71,000 after acquiring an additional 298 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Paychex by 8.6% in the 4th quarter. EP Wealth Advisors LLC now owns 31,682 shares of the business services provider’s stock valued at $3,774,000 after acquiring an additional 2,513 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Paychex during the fourth quarter valued at approximately $1,400,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Paychex Trading Up 0.7 %

PAYX stock traded up $0.84 during midday trading on Monday, hitting $120.81. 1,925,934 shares of the company’s stock were exchanged, compared to its average volume of 1,818,135. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. 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 company has a market cap of $43.49 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 3.38 and a beta of 0.93. The stock’s fifty day moving average price is $121.89 and its 200-day moving average price is $120.41.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the business posted $1.29 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its board has authorized a stock repurchase plan on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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.