Paychex, Inc. (PAYX) Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 20.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,845 shares of the business services provider’s stock after buying an additional 5,447 shares during the quarter. Pacer Advisors Inc.’s holdings in Paychex were worth $2,345,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. Deutsche Bank AG grew its stake in Paychex by 27.6% during the third quarter. Deutsche Bank AG now owns 935,690 shares of the business services provider’s stock worth $68,908,000 after buying an additional 202,361 shares during the last quarter. JT Stratford LLC bought a new stake in Paychex during the third quarter worth about $239,000. Cleararc Capital Inc. grew its stake in Paychex by 20.0% during the third quarter. Cleararc Capital Inc. now owns 26,458 shares of the business services provider’s stock worth $1,949,000 after buying an additional 4,404 shares during the last quarter. LPL Financial LLC grew its stake in Paychex by 7.6% during the third quarter. LPL Financial LLC now owns 202,883 shares of the business services provider’s stock worth $14,942,000 after buying an additional 14,276 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Paychex by 40.2% during the third quarter. Fifth Third Bancorp now owns 75,487 shares of the business services provider’s stock worth $5,560,000 after buying an additional 21,658 shares during the last quarter. 69.59% of the stock is currently owned by hedge funds and other institutional investors.

In other Paychex news, Director Joseph Doody acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were acquired at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the completion of the acquisition, the director now directly owns 16,639 shares of the company’s stock, valued at approximately $1,106,493.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.80% of the stock is currently owned by corporate insiders.

Several analysts have weighed in on PAYX shares. Guggenheim started coverage on shares of Paychex in a research note on Monday, August 20th. They set a “neutral” rating and a $75.00 price objective on the stock. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. Jefferies Financial Group initiated coverage on shares of Paychex in a research note on Monday, October 1st. They set a “hold” rating and a $75.00 price objective on the stock. Credit Suisse Group upgraded shares of Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Tuesday, October 2nd. Finally, BMO Capital Markets upped their target price on shares of Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $72.93.

Shares of PAYX stock opened at $65.90 on Friday. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02. The company has a market cap of $23.66 billion, a PE ratio of 26.36, a P/E/G ratio of 2.72 and a beta of 1.03.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same period in the prior year, the business earned $0.62 earnings per share. Paychex’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts anticipate that Paychex, Inc. will post 2.85 EPS for the current fiscal year.

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About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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