Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,750 shares of the business services provider’s stock after buying an additional 88 shares during the period. Brown Brothers Harriman & Co.’s holdings in Paychex were worth $939,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Sigma Planning Corp lifted its stake in shares of Paychex by 0.9% during the second quarter. Sigma Planning Corp now owns 17,773 shares of the business services provider’s stock worth $1,907,000 after buying an additional 152 shares during the period. Capital Advisors Wealth Management LLC acquired a new stake in shares of Paychex during the second quarter worth $211,000. Neuberger Berman Group LLC lifted its stake in shares of Paychex by 5.7% during the second quarter. Neuberger Berman Group LLC now owns 1,041,323 shares of the business services provider’s stock worth $111,248,000 after buying an additional 56,187 shares during the period. Dai Ichi Life Insurance Company Ltd lifted its stake in shares of Paychex by 44.3% during the second quarter. Dai Ichi Life Insurance Company Ltd now owns 225,304 shares of the business services provider’s stock worth $24,175,000 after buying an additional 69,128 shares during the period. Finally, Howe & Rusling Inc. lifted its stake in shares of Paychex by 7.1% during the second quarter. Howe & Rusling Inc. now owns 10,528 shares of the business services provider’s stock worth $1,130,000 after buying an additional 700 shares during the period. Institutional investors and hedge funds own 69.75% of the company’s stock.

PAYX stock opened at $117.46 on Thursday. The stock has a market capitalization of $42.36 billion, a P/E ratio of 38.64, a P/E/G ratio of 4.09 and a beta of 0.91. The firm has a 50-day simple moving average of $113.54 and a 200-day simple moving average of $106.99. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. Paychex, Inc. has a 52 week low of $79.63 and a 52 week high of $119.38.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, September 29th. The business services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.09. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Paychex had a net margin of 27.05% and a return on equity of 38.04%. The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. On average, analysts expect that Paychex, Inc. will post 3.37 earnings per share for the current year.

Paychex declared that its board has authorized a stock repurchase plan on Thursday, July 8th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

PAYX has been the subject of several recent research reports. BMO Capital Markets raised their target price on shares of Paychex from $112.00 to $118.00 and gave the stock a “market perform” rating in a report on Friday, October 1st. Jefferies Financial Group raised their target price on shares of Paychex from $95.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, June 25th. JPMorgan Chase & Co. raised their target price on shares of Paychex from $105.00 to $111.00 and gave the stock an “underweight” rating in a report on Tuesday, August 17th. Stifel Nicolaus raised their target price on shares of Paychex from $114.00 to $118.00 and gave the stock a “hold” rating in a report on Thursday, September 30th. Finally, Wolfe Research raised their target price on shares of Paychex from $94.00 to $105.00 and gave the stock an “underperform” rating in a report on Friday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and an average price target of $109.83.

In related news, VP Robert L. Schrader sold 686 shares of the business’s stock in a transaction dated Sunday, August 1st. The shares were sold at an average price of $113.82, for a total transaction of $78,080.52. Following the transaction, the vice president now directly owns 12,411 shares in the company, valued at $1,412,620.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Doody sold 9,615 shares of the business’s stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $113.16, for a total transaction of $1,088,033.40. Following the transaction, the director now owns 18,469 shares in the company, valued at $2,089,952.04. The disclosure for this sale can be found here. Insiders have sold 249,477 shares of company stock valued at $28,072,980 in the last three months. Corporate insiders own 11.70% of the company’s stock.

About Paychex

Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.

Recommended Story: Why does the United States have a lingering trade deficit?

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.