Stock Yards Bank & Trust Co. lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 256,009 shares of the business services provider’s stock after selling 4,841 shares during the quarter. Paychex comprises about 1.9% of Stock Yards Bank & Trust Co.’s holdings, making the stock its 15th biggest holding. Stock Yards Bank & Trust Co. owned approximately 0.07% of Paychex worth $17,430,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Franklin Street Advisors Inc. NC grew its holdings in shares of Paychex by 2.1% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 110,189 shares of the business services provider’s stock valued at $7,502,000 after purchasing an additional 2,232 shares during the period. DnB Asset Management AS boosted its stake in Paychex by 8.2% during the fourth quarter. DnB Asset Management AS now owns 46,027 shares of the business services provider’s stock worth $3,134,000 after buying an additional 3,500 shares during the period. Confluence Investment Management LLC boosted its stake in Paychex by 1.9% during the fourth quarter. Confluence Investment Management LLC now owns 1,735,799 shares of the business services provider’s stock worth $118,173,000 after buying an additional 31,635 shares during the period. Atlantic Trust Group LLC boosted its stake in Paychex by 22.7% during the third quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock worth $2,088,000 after buying an additional 6,451 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in Paychex by 5.5% during the third quarter. Parametric Portfolio Associates LLC now owns 693,182 shares of the business services provider’s stock worth $41,563,000 after buying an additional 36,202 shares during the period. 67.85% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have weighed in on PAYX shares. Bank of America increased their target price on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “hold” rating and set a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $57.00 target price (up previously from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 target price (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the company. Paychex has a consensus rating of “Hold” and a consensus price target of $61.87.
Paychex, Inc. (NASDAQ PAYX) traded down $0.28 during midday trading on Thursday, hitting $67.54. 1,883,700 shares of the stock traded hands, compared to its average volume of 2,121,443. Paychex, Inc. has a twelve month low of $54.20 and a twelve month high of $70.39. The stock has a market capitalization of $24,250.00, a price-to-earnings ratio of 28.99, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. During the same quarter last year, the firm posted $0.56 earnings per share. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. sell-side analysts expect that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.
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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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