Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 37.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 229,900 shares of the business services provider’s stock after selling 136,600 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.06% of Paychex worth $15,714,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Advisors Preferred LLC boosted its stake in Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 843 shares during the last quarter. Clarus Wealth Advisors acquired a new position in Paychex during the 2nd quarter valued at about $109,000. Summit Trail Advisors LLC boosted its stake in Paychex by 17,216.0% during the 1st quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 115,864 shares during the last quarter. Fort L.P. acquired a new position in Paychex during the 2nd quarter valued at about $121,000. Finally, Financial Gravity Wealth Inc. acquired a new position in Paychex during the 1st quarter valued at about $137,000. 66.99% of the stock is owned by hedge funds and other institutional investors.
In related news, VP John B. Gibson sold 47,250 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Anthony Bottini sold 452 shares of the company’s stock in a transaction on Thursday, July 12th. The stock was sold at an average price of $70.37, for a total transaction of $31,807.24. Following the completion of the transaction, the vice president now owns 50,219 shares of the company’s stock, valued at $3,533,911.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,944 shares of company stock worth $11,082,629. Insiders own 11.80% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Stifel Nicolaus boosted their target price on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, June 28th. ValuEngine upgraded Paychex from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Deutsche Bank boosted their target price on Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 8th. Finally, Morgan Stanley upped their price objective on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, June 28th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $72.93.
PAYX stock traded up $0.55 during midday trading on Friday, reaching $72.94. 1,967,674 shares of the company’s stock traded hands, compared to its average volume of 2,157,353. Paychex, Inc. has a 52 week low of $59.36 and a 52 week high of $76.02. The stock has a market capitalization of $26.44 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 3.24 and a beta of 0.95.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. The firm had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. As a group, analysts forecast that Paychex, Inc. will post 2.84 EPS for the current fiscal year.
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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