Merit Financial Group LLC Has $2.73 Million Stock Position in Paychex, Inc. $PAYX

Merit Financial Group LLC lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 50.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 24,308 shares of the business services provider’s stock after selling 24,544 shares during the period. Merit Financial Group LLC’s holdings in Paychex were worth $2,727,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Somerset Trust Co grew its position in Paychex by 0.3% during the 3rd quarter. Somerset Trust Co now owns 32,964 shares of the business services provider’s stock worth $4,179,000 after acquiring an additional 84 shares during the last quarter. Suncoast Equity Management grew its position in Paychex by 0.6% during the 3rd quarter. Suncoast Equity Management now owns 14,055 shares of the business services provider’s stock worth $1,782,000 after acquiring an additional 85 shares during the last quarter. 44 Wealth Management LLC grew its position in Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after acquiring an additional 86 shares during the last quarter. Simon Quick Advisors LLC grew its position in Paychex by 1.5% during the 3rd quarter. Simon Quick Advisors LLC now owns 6,126 shares of the business services provider’s stock worth $777,000 after acquiring an additional 89 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Paychex by 3.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after acquiring an additional 89 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PAYX. Cantor Fitzgerald upgraded Paychex to a “strong sell” rating in a research report on Tuesday, January 27th. Wells Fargo & Company reduced their price objective on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. UBS Group reduced their price objective on Paychex from $98.00 to $94.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Argus upgraded Paychex to a “strong-buy” rating in a research report on Friday, March 27th. Finally, Citigroup reduced their price objective on Paychex from $120.00 to $99.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $106.38.

Paychex Trading Up 1.2%

NASDAQ PAYX opened at $93.09 on Tuesday. The business’s 50-day moving average price is $92.66 and its two-hundred day moving average price is $106.26. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $161.24. The firm has a market capitalization of $33.35 billion, a PE ratio of 20.50 and a beta of 0.88. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.13.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the company posted $1.49 EPS. The business’s revenue was up 19.9% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex announced that its board has approved a share repurchase plan on Friday, January 16th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.