Riverbridge Partners LLC lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,403 shares of the business services provider’s stock after selling 254 shares during the quarter. Riverbridge Partners LLC’s holdings in Paychex were worth $2,076,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Bainco International Investors acquired a new position in Paychex in the first quarter valued at about $32,000. Ellevest Inc. raised its stake in Paychex by 217.9% in the first quarter. Ellevest Inc. now owns 534 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 366 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in Paychex in the first quarter valued at about $35,000. Harwood Advisory Group LLC acquired a new position in Paychex in the first quarter valued at about $36,000. Finally, Quadrant Capital Group LLC raised its stake in Paychex by 388.1% in the fourth quarter. Quadrant Capital Group LLC now owns 493 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 392 shares in the last quarter. 68.63% of the stock is owned by institutional investors.
A number of research analysts recently commented on the company. Deutsche Bank dropped their price target on Paychex from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Wednesday, May 20th. Jefferies Financial Group boosted their target price on Paychex from $68.00 to $75.00 and gave the stock a “hold” rating in a research note on Tuesday. Stifel Nicolaus lowered their target price on Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. BMO Capital Markets boosted their target price on Paychex from $70.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered their target price on Paychex from $91.00 to $70.00 and set an “underweight” rating for the company in a research note on Wednesday, March 18th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $73.27.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, July 7th. The business services provider reported $0.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Paychex had a return on equity of 41.40% and a net margin of 27.18%. The company had revenue of $915.10 million for the quarter, compared to analysts’ expectations of $910.68 million. During the same period in the previous year, the business posted $0.63 earnings per share. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. As a group, equities analysts forecast that Paychex, Inc. will post 2.74 EPS for the current year.
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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