Riverview Trust Co lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,803 shares of the business services provider’s stock after selling 160 shares during the period. Riverview Trust Co’s holdings in Paychex were worth $465,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. We Are One Seven LLC purchased a new stake in Paychex in the 4th quarter worth $25,000. Liberty Wealth Management LLC purchased a new stake in Paychex in the fourth quarter worth about $25,000. Baldwin Brothers Inc. MA purchased a new position in shares of Paychex during the fourth quarter valued at approximately $27,000. Loeb Partners Corp purchased a new stake in shares of Paychex during the 4th quarter valued at about $39,000. Finally, Rational Advisors LLC raised its position in shares of Paychex by 4,623.1% during the 4th quarter. Rational Advisors LLC now owns 614 shares of the business services provider’s stock valued at $40,000 after buying an additional 601 shares in the last quarter. Institutional investors own 68.66% of the company’s stock.
In other news, Director Pamela A. Joseph sold 19,154 shares of the business’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $81.19, for a total transaction of $1,555,113.26. Following the completion of the sale, the director now owns 13,448 shares of the company’s stock, valued at approximately $1,091,843.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph M. Tucci sold 6,250 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $82.29, for a total transaction of $514,312.50. Following the sale, the director now directly owns 56,117 shares of the company’s stock, valued at approximately $4,617,867.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 215,272 shares of company stock valued at $16,458,249. 11.80% of the stock is currently owned by insiders.
Shares of NASDAQ:PAYX traded up $0.02 during midday trading on Wednesday, reaching $81.61. The company’s stock had a trading volume of 115,198 shares, compared to its average volume of 1,949,264. The company has a market capitalization of $29.30 billion, a price-to-earnings ratio of 32.00, a P/E/G ratio of 3.20 and a beta of 1.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. Paychex, Inc. has a fifty-two week low of $59.55 and a fifty-two week high of $82.64.
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, hitting analysts’ consensus estimates of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the business earned $0.63 EPS. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. Analysts anticipate that Paychex, Inc. will post 2.86 EPS for the current year.
Several brokerages have recently issued reports on PAYX. Barclays upped their target price on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, April 1st. Credit Suisse Group upped their price objective on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. BMO Capital Markets restated a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. Finally, Bank of America upgraded shares of Paychex from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $74.14.
Paychex Company Profile
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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