Raymond James Trust N.A. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,488 shares of the business services provider’s stock after purchasing an additional 557 shares during the period. Raymond James Trust N.A.’s holdings in Paychex were worth $6,535,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. TCI Wealth Advisors Inc. grew its position in shares of Paychex by 404.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 255 shares during the period. We Are One Seven LLC bought a new stake in shares of Paychex during the 4th quarter valued at $25,000. Liberty Wealth Management LLC bought a new stake in shares of Paychex during the 4th quarter valued at $25,000. Baldwin Brothers Inc. MA bought a new stake in shares of Paychex during the 4th quarter valued at $27,000. Finally, Loeb Partners Corp bought a new stake in shares of Paychex during the 4th quarter valued at $39,000. 68.64% of the stock is owned by institutional investors and hedge funds.
PAYX stock traded up $0.21 during mid-day trading on Monday, hitting $82.37. The company had a trading volume of 896,098 shares, compared to its average volume of 1,954,987. The stock has a market cap of $29.56 billion, a P/E ratio of 32.30, a PEG ratio of 3.16 and a beta of 1.04. Paychex, Inc. has a 12-month low of $59.55 and a 12-month high of $82.48. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.
A number of equities research analysts have recently issued reports on PAYX shares. Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. BMO Capital Markets restated a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. Credit Suisse Group lifted their target price on shares of Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Finally, Barclays lifted their target price on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Paychex presently has an average rating of “Hold” and a consensus target price of $74.14.
In other Paychex news, VP Jennifer R. Vossler sold 6,000 shares of the business’s stock in a transaction on Friday, January 18th. The shares were sold at an average price of $69.37, for a total value of $416,220.00. Following the sale, the vice president now owns 27,701 shares in the company, valued at approximately $1,921,618.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 50,000 shares of the company’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the sale, the chief executive officer now owns 349,929 shares in the company, valued at $25,306,865.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,272 shares of company stock worth $16,458,249. Corporate insiders own 11.80% of the company’s stock.
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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