Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by Mitchell Mcleod Pugh & Williams Inc.

Mitchell Mcleod Pugh & Williams Inc. raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,438 shares of the business services provider’s stock after purchasing an additional 400 shares during the quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Paychex were worth $767,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital Investment Counsel Inc grew its holdings in Paychex by 7.6% during the 4th quarter. Capital Investment Counsel Inc now owns 28,308 shares of the business services provider’s stock valued at $3,372,000 after purchasing an additional 2,005 shares in the last quarter. Silver Oak Securities Incorporated increased its position in shares of Paychex by 1,155.9% during the fourth quarter. Silver Oak Securities Incorporated now owns 3,303 shares of the business services provider’s stock worth $393,000 after acquiring an additional 3,040 shares during the last quarter. Legacy Capital Wealth Partners LLC increased its position in shares of Paychex by 13.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 2,495 shares of the business services provider’s stock worth $297,000 after acquiring an additional 288 shares during the last quarter. Paradiem LLC lifted its stake in shares of Paychex by 38.0% in the fourth quarter. Paradiem LLC now owns 59,731 shares of the business services provider’s stock worth $7,115,000 after acquiring an additional 16,435 shares in the last quarter. Finally, Dohj LLC boosted its holdings in Paychex by 3.1% in the fourth quarter. Dohj LLC now owns 3,242 shares of the business services provider’s stock valued at $386,000 after purchasing an additional 97 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Trading Up 0.7 %

NASDAQ:PAYX opened at $120.81 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $43.49 billion, a P/E ratio of 26.32, a P/E/G ratio of 3.38 and a beta of 0.93. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70. The business has a 50 day simple moving average of $121.89 and a 200 day simple moving average of $120.41.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. Equities research analysts predict that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex announced that its Board of Directors has authorized a stock buyback plan on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

PAYX has been the topic of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Wedbush restated a “neutral” rating and issued a $115.00 price target on shares of Paychex in a research note on Wednesday, April 3rd. Bank of America increased their price objective on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research note on Wednesday, April 3rd. TD Cowen dropped their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Finally, Evercore ISI restated an “in-line” rating and issued a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $123.00.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.