Bruderman Asset Management LLC raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1,738.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,047 shares of the business services provider’s stock after buying an additional 139,995 shares during the quarter. Paychex comprises 2.5% of Bruderman Asset Management LLC’s portfolio, making the stock its 10th biggest holding. Bruderman Asset Management LLC’s holdings in Paychex were worth $10,119,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Halsey Associates Inc. CT bought a new stake in Paychex during the 2nd quarter valued at $216,000. HRT Financial LLC bought a new stake in Paychex during the 2nd quarter valued at $563,000. Bridges Investment Management Inc. bought a new stake in Paychex during the 2nd quarter valued at $266,000. Cozad Asset Management Inc. bought a new stake in Paychex during the 2nd quarter valued at $2,136,000. Finally, Millennium Management LLC raised its position in Paychex by 5.4% during the 2nd quarter. Millennium Management LLC now owns 749,382 shares of the business services provider’s stock valued at $51,220,000 after purchasing an additional 38,146 shares in the last quarter. Institutional investors and hedge funds own 66.99% of the company’s stock.
A number of equities research analysts have weighed in on PAYX shares. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research report on Tuesday, October 2nd. Morgan Stanley boosted their price target on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 28th. Finally, Stifel Nicolaus boosted their price target on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, June 28th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average price target of $72.93.
In other news, CEO Martin Mucci sold 2,683 shares of the company’s stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $70.37, for a total value of $188,802.71. Following the sale, the chief executive officer now owns 287,567 shares in the company, valued at $20,236,089.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Gioja sold 515 shares of the company’s stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $70.37, for a total value of $36,240.55. Following the completion of the sale, the insider now owns 44,881 shares in the company, valued at approximately $3,158,275.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,693 shares of company stock worth $8,685,744. Company insiders own 11.80% of the company’s stock.
NASDAQ:PAYX traded down $0.58 during mid-day trading on Monday, hitting $72.36. 2,022,900 shares of the company’s stock traded hands, compared to its average volume of 2,156,660. Paychex, Inc. has a twelve month low of $59.36 and a twelve month high of $76.02. The firm has a market capitalization of $26.44 billion, a P/E ratio of 28.38, a P/E/G ratio of 3.24 and a beta of 0.95.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The business had revenue of $862.80 million for the quarter, compared to the consensus estimate of $850.39 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 EPS. On average, equities analysts predict that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
Paychex Company Profile
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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