Comgest Global Investors S.A.S. continued to hold its position in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,500 shares of the business services provider’s stock at the end of the first quarter. Comgest Global Investors S.A.S.’s holdings in Paychex were worth $4,447,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacad Investment Ltd. bought a new position in Paychex during the fourth quarter valued at about $134,000. Parkside Financial Bank & Trust raised its position in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Denver Investment Advisors LLC raised its position in Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares in the last quarter. Mosaic Family Wealth LLC raised its position in Paychex by 35.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,803 shares of the business services provider’s stock valued at $224,000 after buying an additional 985 shares in the last quarter. Finally, Northwest Quadrant Wealth Management LLC bought a new position in Paychex during the fourth quarter valued at about $225,000. Hedge funds and other institutional investors own 68.46% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at 56.60 on Wednesday. The firm has a market capitalization of $20.34 billion, a price-to-earnings ratio of 25.16 and a beta of 0.96. The company has a 50-day moving average price of $58.87 and a 200-day moving average price of $59.90. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities analysts forecast that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
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Several research firms have issued reports on PAYX. BMO Capital Markets reiterated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Finally, Wedbush restated a “neutral” rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $59.16.
In other Paychex news, Director Joseph M. Tucci sold 6,000 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the completion of the transaction, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of the company’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.39, for a total value of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,151 shares of company stock valued at $7,417,518. 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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