Naviter Wealth LLC Sells 160 Shares of Paychex, Inc. (NASDAQ:PAYX)

Naviter Wealth LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,915 shares of the business services provider’s stock after selling 160 shares during the period. Naviter Wealth LLC’s holdings in Paychex were worth $943,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. OFI Invest Asset Management bought a new position in Paychex during the third quarter worth about $26,000. Carmel Capital Partners LLC acquired a new stake in shares of Paychex in the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC boosted its stake in Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock worth $31,000 after acquiring an additional 130 shares during the last quarter. Fortis Group Advisors LLC acquired a new position in Paychex during the third quarter valued at approximately $34,000. Finally, Criterion Capital Advisors LLC bought a new stake in Paychex in the fourth quarter valued at approximately $40,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Price Performance

NASDAQ PAYX opened at $120.81 on Tuesday. 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 12-month low of $104.09 and a 12-month high of $129.70. The firm’s 50 day moving average is $121.89 and its 200-day moving average is $120.41. The company has a market capitalization of $43.49 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 3.38 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company earned $1.29 EPS. Paychex’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of recent analyst reports. Evercore ISI reissued an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Wedbush reissued a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. TD Cowen cut their price objective on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Finally, Bank of America increased their target price on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.