Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 107.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 647 shares of the business services provider’s stock after acquiring an additional 335 shares during the quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in Paychex were worth $53,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Manchester Financial Inc. acquired a new stake in Paychex in the second quarter valued at approximately $29,000. Stonebridge Capital Advisors LLC acquired a new stake in Paychex in the second quarter valued at approximately $32,000. Lowe Wealth Advisors LLC grew its position in Paychex by 466.3% in the second quarter. Lowe Wealth Advisors LLC now owns 453 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 373 shares in the last quarter. FinTrust Capital Advisors LLC grew its position in Paychex by 50.3% in the second quarter. FinTrust Capital Advisors LLC now owns 466 shares of the business services provider’s stock valued at $38,000 after acquiring an additional 156 shares in the last quarter. Finally, Sandy Spring Bank grew its position in Paychex by 100.0% in the second quarter. Sandy Spring Bank now owns 600 shares of the business services provider’s stock valued at $50,000 after acquiring an additional 300 shares in the last quarter. 69.73% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on PAYX shares. Barclays raised their price target on shares of Paychex from $80.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Argus reissued a “buy” rating and set a $92.00 price target on shares of Paychex in a research report on Thursday, October 3rd. Bank of America downgraded shares of Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. ValuEngine downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, William Blair reissued a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Paychex has an average rating of “Hold” and a consensus target price of $79.33.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The firm had revenue of $992.00 million for the quarter, compared to analysts’ expectations of $991.70 million. During the same period last year, the business posted $0.67 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts predict that Paychex, Inc. will post 3.11 EPS for the current year.
In other Paychex news, VP Robert L. Schrader sold 751 shares of the firm’s stock in a transaction on Saturday, August 3rd. The stock was sold at an average price of $83.89, for a total value of $63,001.39. Following the sale, the vice president now directly owns 9,166 shares in the company, valued at $768,935.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert L. Schrader sold 609 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $83.88, for a total value of $51,082.92. Following the completion of the sale, the vice president now owns 9,166 shares in the company, valued at $768,844.08. The disclosure for this sale can be found here. Insiders sold 13,516 shares of company stock worth $1,153,665 over the last quarter. 11.70% of the stock is currently owned by company insiders.
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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