Mercer Global Advisors Inc. ADV acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 24,268 shares of the business services provider’s stock, valued at approximately $1,581,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. We Are One Seven LLC bought a new stake in Paychex in the 4th quarter worth about $25,000. Liberty Wealth Management LLC bought a new stake in Paychex in the 4th quarter worth about $25,000. TCI Wealth Advisors Inc. increased its holdings in Paychex by 404.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock worth $26,000 after buying an additional 255 shares in the last quarter. Baldwin Brothers Inc. MA bought a new stake in Paychex in the 4th quarter worth about $27,000. Finally, Loeb Partners Corp bought a new stake in Paychex in the 4th quarter worth about $39,000. Institutional investors own 68.64% of the company’s stock.
Several research firms recently commented on PAYX. Barclays lifted their price objective on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a report on Monday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a report on Thursday, December 20th. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $64.00 to $68.00 in a report on Tuesday, January 8th. They noted that the move was a valuation call. Finally, Credit Suisse Group boosted their price target on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $74.14.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. The company had revenue of $1.07 billion during 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 firm’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 EPS. On average, sell-side analysts expect that Paychex, Inc. will post 2.86 earnings per share for the current year.
In related news, CEO Martin Mucci sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the completion of the transaction, the chief executive officer now directly owns 349,929 shares in the company, valued at approximately $25,306,865.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Pamela A. Joseph sold 19,154 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 13,448 shares of the company’s stock, valued at $1,091,843.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,022 shares of company stock valued at $15,943,936. 11.80% of the stock is currently owned by corporate insiders.
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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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