Paychex, Inc. (PAYX) Shares Bought by Reliance Trust Co. of Delaware

Reliance Trust Co. of Delaware raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,731 shares of the business services provider’s stock after purchasing an additional 500 shares during the period. Reliance Trust Co. of Delaware’s holdings in Paychex were worth $941,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PAYX. Pinnacle Bank raised its position in shares of Paychex by 2.5% in the 1st quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock worth $409,000 after acquiring an additional 125 shares in the last quarter. Exeter Financial LLC raised its position in shares of Paychex by 1.0% in the 1st quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock worth $1,027,000 after acquiring an additional 128 shares in the last quarter. Carlton Hofferkamp & Jenks Wealth Management LLC raised its position in shares of Paychex by 1.0% in the 1st quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,562 shares of the business services provider’s stock worth $1,088,000 after acquiring an additional 130 shares in the last quarter. Clifford Swan Investment Counsel LLC raised its position in shares of Paychex by 2.3% in the 4th quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after acquiring an additional 145 shares in the last quarter. Finally, Hollencrest Capital Management raised its position in shares of Paychex by 4.3% in the 1st quarter. Hollencrest Capital Management now owns 3,537 shares of the business services provider’s stock worth $284,000 after acquiring an additional 146 shares in the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently commented on the company. Barclays boosted their price target on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Credit Suisse Group boosted their target price on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Finally, Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $74.14.

Paychex stock opened at $83.79 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31. The stock has a market cap of $30.09 billion, a price-to-earnings ratio of 32.86, a PEG ratio of 3.26 and a beta of 1.04. Paychex, Inc. has a fifty-two week low of $60.13 and a fifty-two week high of $84.02.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. On average, research analysts forecast that Paychex, Inc. will post 2.85 earnings per share for the current year.

In other news, CEO Martin Mucci sold 50,000 shares of the business’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $72.32, for a total value of $3,616,000.00. Following the completion of the transaction, the chief executive officer now owns 349,929 shares of the company’s stock, valued at approximately $25,306,865.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Pamela A. Joseph sold 19,154 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $81.19, for a total value of $1,555,113.26. Following the completion of the transaction, the director now directly owns 13,448 shares of the company’s stock, valued at approximately $1,091,843.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,272 shares of company stock worth $16,042,029. Company insiders own 11.80% of the company’s stock.

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About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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