Welch Group LLC reduced its position in shares of Paychex Inc. (NASDAQ:PAYX) by 21.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 264,131 shares of the company’s stock after selling 71,938 shares during the period. Paychex comprises about 3.2% of Welch Group LLC’s holdings, making the stock its 10th largest position. Welch Group LLC’s holdings in Paychex were worth $15,716,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. M&T Bank Corp increased its position in shares of Paychex by 7.3% in the first quarter. M&T Bank Corp now owns 164,419 shares of the company’s stock worth $8,880,000 after buying an additional 11,169 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Paychex by 206.2% in the first quarter. Bessemer Group Inc. now owns 119,573 shares of the company’s stock worth $6,458,000 after buying an additional 80,517 shares during the last quarter. Canandaigua National Bank & Trust Co. increased its position in shares of Paychex by 2.5% in the first quarter. Canandaigua National Bank & Trust Co. now owns 102,373 shares of the company’s stock worth $5,529,000 after buying an additional 2,466 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Paychex during the first quarter worth about $12,174,000. Finally, Nikko Asset Management Americas Inc. bought a new position in shares of Paychex during the first quarter worth about $576,000. 69.31% of the stock is owned by institutional investors.
Paychex Inc. (NASDAQ:PAYX) traded down 0.71% during trading on Monday, reaching $57.46. The company’s stock had a trading volume of 2,315,694 shares. Paychex Inc. has a 52 week low of $45.76 and a 52 week high of $61.87. The company has a market capitalization of $20.78 billion, a PE ratio of 27.23 and a beta of 0.88. The company has a 50 day moving average price of $59.81 and a 200-day moving average price of $56.52.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to the consensus estimate of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. Paychex’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. Equities research analysts anticipate that Paychex Inc. will post $2.22 earnings per share for the current year.
A number of research analysts have issued reports on the company. Sanford C. Bernstein raised Paychex to a “sell” rating in a report on Monday, July 11th. Zacks Investment Research raised Paychex from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Wedbush assumed coverage on Paychex in a report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price target for the company. Morgan Stanley restated an “underweight” rating and issued a $49.00 price objective on shares of Paychex in a research report on Tuesday, August 23rd. Finally, Deutsche Bank AG restated a “hold” rating and issued a $56.00 price objective (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus target price of $54.00.
In other Paychex news, CEO Martin Mucci sold 65,965 shares of the firm’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total transaction of $3,999,457.95. Following the completion of the transaction, the chief executive officer now owns 246,516 shares of the company’s stock, valued at $14,946,265.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John B. Gibson sold 11,450 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $59.00, for a total value of $675,550.00. Following the transaction, the vice president now directly owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The disclosure for this sale can be found here. Company insiders own 11.60% of the company’s stock.
Paychex Company Profile
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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