Parsec Financial Management Inc. increased its position in Paychex Inc. (NASDAQ:PAYX) by 8.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 137,160 shares of the company’s stock after buying an additional 10,878 shares during the period. Parsec Financial Management Inc.’s holdings in Paychex were worth $8,161,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Financial Architects Inc increased its stake in Paychex by 0.7% in the second quarter. Financial Architects Inc now owns 1,838 shares of the company’s stock worth $109,000 after buying an additional 12 shares in the last quarter. Davis R M Inc. increased its stake in Paychex by 0.7% in the second quarter. Davis R M Inc. now owns 7,200 shares of the company’s stock worth $428,000 after buying an additional 50 shares in the last quarter. Pitcairn Co. increased its stake in Paychex by 0.5% in the second quarter. Pitcairn Co. now owns 9,851 shares of the company’s stock worth $586,000 after buying an additional 50 shares in the last quarter. Osborn Rohs Williams & Donohoe Ltd increased its stake in Paychex by 0.6% in the second quarter. Osborn Rohs Williams & Donohoe Ltd now owns 8,799 shares of the company’s stock worth $524,000 after buying an additional 54 shares in the last quarter. Finally, Cue Financial Group Inc. increased its stake in Paychex by 0.5% in the second quarter. Cue Financial Group Inc. now owns 16,427 shares of the company’s stock worth $977,000 after buying an additional 75 shares in the last quarter. 69.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paychex Inc. (NASDAQ:PAYX) traded down 0.21% during trading on Friday, reaching $56.62. 1,172,491 shares of the company traded hands. The firm has a market capitalization of $20.48 billion, a PE ratio of 26.83 and a beta of 0.87. Paychex Inc. has a 12 month low of $45.76 and a 12 month high of $61.87. The firm has a 50-day moving average price of $59.50 and a 200-day moving average price of $56.62.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The company earned $785.50 million during the quarter, compared to analyst estimates of $782.80 million. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Paychex Inc. will post $2.22 EPS for the current year.
A number of research firms recently commented on PAYX. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Sanford C. Bernstein raised shares of Paychex to a “sell” rating in a report on Monday, July 11th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $58.00 price target (up previously from $55.00) on shares of Paychex in a report on Tuesday, July 5th. Wedbush initiated coverage on shares of Paychex in a report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target on the stock. Finally, Argus reaffirmed a “buy” rating and issued a $70.00 price target (up previously from $59.50) on shares of Paychex in a report on Friday, July 1st. Seven analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Paychex currently has an average rating of “Hold” and an average price target of $54.00.
In other news, VP Jennifer R. Vossler sold 12,000 shares of the firm’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $61.05, for a total transaction of $732,600.00. Following the completion of the transaction, the vice president now owns 41,359 shares in the company, valued at approximately $2,524,966.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael E. Gioja sold 6,190 shares of the firm’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $60.23, for a total transaction of $372,823.70. Following the completion of the transaction, the insider now owns 62,174 shares of the company’s stock, valued at $3,744,740.02. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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