Paychex, Inc. $PAYX Position Reduced by PFG Advisors

PFG Advisors decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 38.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 25,607 shares of the business services provider’s stock after selling 16,105 shares during the quarter. PFG Advisors’ holdings in Paychex were worth $2,873,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Suncoast Equity Management raised its holdings in Paychex by 0.6% during the third quarter. Suncoast Equity Management now owns 14,055 shares of the business services provider’s stock worth $1,782,000 after purchasing an additional 85 shares in the last quarter. 44 Wealth Management LLC raised its holdings in shares of Paychex by 2.7% in the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after purchasing an additional 86 shares in the last quarter. Simon Quick Advisors LLC raised its holdings in shares of Paychex by 1.5% in the 3rd quarter. Simon Quick Advisors LLC now owns 6,126 shares of the business services provider’s stock worth $777,000 after purchasing an additional 89 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Paychex by 3.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after purchasing an additional 89 shares in the last quarter. Finally, JPL Wealth Management LLC raised its holdings in shares of Paychex by 0.3% in the 3rd quarter. JPL Wealth Management LLC now owns 27,686 shares of the business services provider’s stock worth $3,509,000 after purchasing an additional 92 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.6%

Shares of NASDAQ:PAYX opened at $93.68 on Wednesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market cap of $33.56 billion, a PE ratio of 20.63 and a beta of 0.88. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $161.24. The firm has a 50 day simple moving average of $92.55 and a 200 day simple moving average of $106.05.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.67 by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.78 billion. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.49 EPS. As a group, research analysts expect that Paychex, Inc. will post 5.5 earnings per share for the current year.

Paychex announced that its Board of Directors has approved a stock buyback plan on Friday, January 16th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

PAYX has been the topic of a number of research reports. Stephens dropped their target price on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, March 26th. BMO Capital Markets boosted their target price on shares of Paychex to $52.00 and gave the stock an “outperform” rating in a report on Thursday, March 26th. Royal Bank Of Canada dropped their target price on shares of Paychex from $125.00 to $102.00 and set a “sector perform” rating on the stock in a report on Thursday, March 19th. UBS Group dropped their target price on shares of Paychex from $98.00 to $94.00 and set a “neutral” rating on the stock in a report on Monday, April 13th. Finally, Morgan Stanley dropped their target price on shares of Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Paychex presently has a consensus rating of “Reduce” and an average target price of $106.38.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.