Salem Capital Management Inc. grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,104 shares of the business services provider’s stock after purchasing an additional 460 shares during the quarter. Salem Capital Management Inc.’s holdings in Paychex were worth $1,532,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Retirement Systems of Alabama grew its stake in shares of Paychex by 0.8% during the 1st quarter. Retirement Systems of Alabama now owns 148,812 shares of the business services provider’s stock worth $11,935,000 after acquiring an additional 1,184 shares during the period. American Asset Management Inc. bought a new position in shares of Paychex during the 1st quarter worth $233,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Paychex during the 1st quarter worth $1,581,000. First Citizens Bank & Trust Co. grew its stake in shares of Paychex by 6.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 12,812 shares of the business services provider’s stock worth $1,027,000 after acquiring an additional 726 shares during the period. Finally, Truvestments Capital LLC bought a new position in shares of Paychex during the 1st quarter worth $49,000. 68.64% of the stock is owned by hedge funds and other institutional investors.
PAYX has been the subject of several research reports. Barclays increased their price target on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Monday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and increased their price target 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. Finally, Credit Suisse Group increased their price target on Paychex from $82.00 to $84.00 and gave the stock 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 given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $74.14.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the company earned $0.63 EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Equities research analysts anticipate that Paychex, Inc. will post 2.86 EPS for the current year.
In other Paychex news, VP Jennifer R. Vossler sold 6,000 shares of the firm’s stock in a transaction dated Friday, January 18th. The stock was sold at an average price of $69.37, for a total value of $416,220.00. Following the completion of the transaction, 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 Paychex stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $72.32, for a total value of $3,616,000.00. Following the sale, the chief executive officer now owns 349,929 shares of the company’s stock, valued at approximately $25,306,865.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 209,022 shares of company stock valued at $15,943,936. 11.80% of the stock is owned by corporate insiders.
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.
Further Reading: Earnings Per Share
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