Bfsg LLC Invests $65,000 in Paychex, Inc. (NASDAQ:PAYX)

Bfsg LLC acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 547 shares of the business services provider’s stock, valued at approximately $65,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Griffin Asset Management Inc. lifted its position in Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock valued at $2,171,000 after purchasing an additional 88 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in Paychex by 5.1% during the fourth quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock valued at $227,000 after purchasing an additional 92 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Paychex by 3.5% during the third quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock valued at $329,000 after purchasing an additional 96 shares during the last quarter. Marino Stram & Associates LLC lifted its position in Paychex by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 5,789 shares of the business services provider’s stock valued at $690,000 after purchasing an additional 98 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in Paychex by 0.9% during the fourth quarter. Verdence Capital Advisors LLC now owns 10,550 shares of the business services provider’s stock valued at $1,257,000 after purchasing an additional 99 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Down 0.5 %

Shares of Paychex stock opened at $121.34 on Friday. The firm’s 50 day moving average price is $122.01 and its 200-day moving average price is $120.36. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The company has a market cap of $43.68 billion, a P/E ratio of 26.57, a PEG ratio of 3.45 and a beta of 0.93.

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

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

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of Paychex 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 sale, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 11.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wedbush reiterated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Evercore ISI restated an “in-line” rating and issued a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. TD Cowen reduced their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research note on Wednesday, April 3rd. Finally, Bank of America raised their price target on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $123.00.

About Paychex

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.