Community Bank & Trust Waco Texas Lowers Holdings in Paychex, Inc. (NASDAQ:PAYX)

Community Bank & Trust Waco Texas cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,848 shares of the business services provider’s stock after selling 2,956 shares during the period. Community Bank & Trust Waco Texas’ holdings in Paychex were worth $4,270,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. OFI Invest Asset Management purchased a new position in Paychex in the 3rd quarter worth approximately $26,000. Carmel Capital Partners LLC acquired a new position in shares of Paychex in the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC boosted its stake in shares of Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after buying an additional 130 shares during the last quarter. Fortis Group Advisors LLC bought a new stake in shares of Paychex in the third quarter worth $34,000. Finally, Criterion Capital Advisors LLC bought a new position in Paychex during the 4th quarter valued at $40,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Transactions at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now directly owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PAYX shares. Evercore ISI restated an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research note on Tuesday, March 26th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target on shares of Paychex in a research note on Wednesday, April 3rd. Citigroup lowered their price objective on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 26th. Bank of America lifted their price target on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a research report on Wednesday, April 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $123.00.

Paychex Price Performance

NASDAQ:PAYX traded up $0.57 during trading hours on Wednesday, reaching $122.19. 411,595 shares of the company were exchanged, compared to its average volume of 1,798,283. The company has a market capitalization of $43.98 billion, a P/E ratio of 26.50, a P/E/G ratio of 3.42 and a beta of 0.93. The business has a 50 day moving average of $122.02 and a 200 day moving average of $120.33. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24.

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 during the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the company earned $1.29 earnings per share. Research analysts forecast that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex declared that its board has initiated a stock repurchase plan on Friday, January 19th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Paychex Profile

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.