Maple Capital Management Inc. lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,656 shares of the business services provider’s stock after purchasing an additional 5,925 shares during the period. Paychex accounts for 1.5% of Maple Capital Management Inc.’s holdings, making the stock its 28th biggest position. Maple Capital Management Inc.’s holdings in Paychex were worth $5,830,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Reliance Trust Co. of Delaware raised its stake in Paychex by 4.8% in the 4th quarter. Reliance Trust Co. of Delaware now owns 17,483 shares of the business services provider’s stock valued at $1,190,000 after acquiring an additional 797 shares during the period. Summit Securities Group LLC raised its stake in Paychex by 22.2% in the 4th quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock valued at $300,000 after acquiring an additional 800 shares during the period. TCW Group Inc. raised its stake in Paychex by 5.7% in the 1st quarter. TCW Group Inc. now owns 14,870 shares of the business services provider’s stock valued at $916,000 after acquiring an additional 800 shares during the period. LVW Advisors LLC raised its stake in Paychex by 3.6% in the 4th quarter. LVW Advisors LLC now owns 23,810 shares of the business services provider’s stock valued at $1,621,000 after acquiring an additional 834 shares during the period. Finally, Raymond James Trust N.A. grew its holdings in Paychex by 1.1% in the 4th quarter. Raymond James Trust N.A. now owns 78,177 shares of the business services provider’s stock valued at $5,322,000 after buying an additional 837 shares in the last quarter. Institutional investors own 68.45% of the company’s stock.
A number of brokerages have commented on PAYX. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a report on Friday, June 8th. Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a report on Tuesday, April 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $63.00 price objective on shares of Paychex in a report on Monday, April 2nd. Citigroup decreased their price objective on Paychex from $67.00 to $64.00 and set a “neutral” rating on the stock in a report on Wednesday, March 28th. Finally, Barclays decreased their price objective on Paychex from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $65.40.
PAYX opened at $70.22 on Friday. The firm has a market cap of $25.05 billion, a PE ratio of 31.92, a P/E/G ratio of 3.08 and a beta of 1.00. Paychex, Inc. has a 52-week low of $54.20 and a 52-week high of $73.10.
Paychex (NASDAQ:PAYX) last released its earnings results on Monday, March 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.01. The company had revenue of $866.50 million for the quarter, compared to analyst estimates of $853.99 million. Paychex had a return on equity of 43.42% and a net margin of 27.22%. Paychex’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 EPS. research analysts anticipate that Paychex, Inc. will post 2.46 earnings per share for the current year.
In other news, insider Michael E. Gioja sold 110,000 shares of the stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $61.63, for a total transaction of $6,779,300.00. Following the sale, the insider now directly owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Joseph M. Velli sold 3,079 shares of the firm’s stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $65.00, for a total value of $200,135.00. Following the completion of the sale, the director now directly owns 29,013 shares in the company, valued at $1,885,845. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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