TRUE Private Wealth Advisors Has $623,000 Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

TRUE Private Wealth Advisors raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 19.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,229 shares of the business services provider’s stock after purchasing an additional 859 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Paychex were worth $623,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Paychex by 0.6% in the third quarter. Vanguard Group Inc. now owns 29,931,007 shares of the business services provider’s stock valued at $3,451,943,000 after acquiring an additional 170,453 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Paychex by 8.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after purchasing an additional 927,584 shares in the last quarter. Geode Capital Management LLC grew its position in Paychex by 0.8% in the 1st quarter. Geode Capital Management LLC now owns 7,982,029 shares of the business services provider’s stock valued at $913,599,000 after purchasing an additional 62,739 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Paychex by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,797,671 shares of the business services provider’s stock valued at $783,975,000 after purchasing an additional 178,316 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC raised its holdings in Paychex by 102,768.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock worth $524,359,000 after buying an additional 4,533,137 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 1.7 %

PAYX stock opened at $119.14 on Thursday. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The firm has a market capitalization of $42.89 billion, a PE ratio of 25.96, a PEG ratio of 3.42 and a beta of 0.93. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. The stock has a 50-day simple moving average of $122.20 and a two-hundred day simple moving average of $120.16.

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

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

Analyst Ratings Changes

PAYX has been the topic of a number of analyst reports. Stifel Nicolaus upped their target price on shares of Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. TD Cowen dropped their target price on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Evercore ISI reissued an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. Citigroup reduced their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, December 26th. Finally, Barclays lowered their target price on Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $123.00.

Insider Transactions at Paychex

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

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.