Rafferty Asset Management LLC boosted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 12.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 96,954 shares of the business services provider’s stock after acquiring an additional 10,558 shares during the period. Rafferty Asset Management LLC’s holdings in Paychex were worth $10,902,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Archer Investment Corp purchased a new stake in Paychex in the third quarter valued at approximately $25,000. Moors & Cabot Inc. raised its position in Paychex by 225.2% in the third quarter. Moors & Cabot Inc. now owns 25,000 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 17,313 shares during the period. American National Bank raised its position in Paychex by 1,135.0% in the third quarter. American National Bank now owns 247 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 227 shares during the period. JNBA Financial Advisors purchased a new stake in Paychex in the third quarter valued at approximately $31,000. Finally, Herold Advisors Inc. purchased a new stake in Paychex in the third quarter valued at approximately $33,000. Hedge funds and other institutional investors own 69.85% of the company’s stock.
In other news, insider Stephanie L. Schaeffer sold 103,029 shares of Paychex stock in a transaction dated Monday, December 27th. The shares were sold at an average price of $134.35, for a total value of $13,841,946.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Mucci sold 3,219 shares of the business’s stock in a transaction dated Wednesday, December 8th. The shares were sold at an average price of $123.04, for a total transaction of $396,065.76. The disclosure for this sale can be found here. Insiders have sold a total of 257,586 shares of company stock worth $34,549,139 in the last ninety days. 11.50% of the stock is currently owned by insiders.
Shares of PAYX opened at $125.91 on Friday. The firm has a market cap of $45.42 billion, a PE ratio of 35.87, a price-to-earnings-growth ratio of 4.73 and a beta of 0.93. The company’s fifty day moving average is $126.62 and its two-hundred day moving average is $118.58. Paychex, Inc. has a fifty-two week low of $85.30 and a fifty-two week high of $138.96. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.26.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, December 22nd. The business services provider reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.11. Paychex had a net margin of 29.53% and a return on equity of 41.78%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business posted $0.73 EPS. The business’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Paychex, Inc. will post 3.63 earnings per share for the current year.
PAYX has been the topic of a number of recent research reports. Citigroup cut their price objective on Paychex to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 13th.
BMO Capital Markets upped their price objective on Paychex from $112.00 to $118.00 and gave the stock a “market perform” rating in a research report on Friday, October 1st. Stifel Nicolaus upped their price objective on Paychex from $118.00 to $140.00 and gave the stock a “hold” rating in a research report on Thursday, December 23rd. Cowen raised Paychex from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $130.00 to $145.00 in a research report on Tuesday. Finally, Robert W. Baird increased their target price on Paychex from $111.00 to $120.00 and gave the company a “neutral” rating in a report on Monday, October 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $121.21.
Paychex Company Profile
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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