Coastal Investment Advisors Inc. Sells 529 Shares of Paychex, Inc. (NASDAQ:PAYX)


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Coastal Investment Advisors Inc. lowered its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 7,083 shares of the business services provider’s stock after selling 529 shares during the period. Coastal Investment Advisors Inc.’s holdings in Paychex were worth $660,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the stock. Hohimer Wealth Management LLC raised its position in shares of Paychex by 0.8% during the 4th quarter. Hohimer Wealth Management LLC now owns 13,594 shares of the business services provider’s stock worth $1,267,000 after acquiring an additional 114 shares in the last quarter. Wealth Alliance grew its stake in shares of Paychex by 4.1% in the 3rd quarter. Wealth Alliance now owns 2,949 shares of the business services provider’s stock valued at $235,000 after purchasing an additional 117 shares during the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of Paychex by 2.2% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,460 shares of the business services provider’s stock valued at $436,000 after purchasing an additional 117 shares during the last quarter. Pratt Collard Advisory Partners LLC grew its stake in shares of Paychex by 0.5% in the 3rd quarter. Pratt Collard Advisory Partners LLC now owns 24,522 shares of the business services provider’s stock valued at $1,957,000 after purchasing an additional 120 shares during the last quarter. Finally, Nachman Norwood & Parrott Inc grew its stake in shares of Paychex by 1.1% in the 3rd quarter. Nachman Norwood & Parrott Inc now owns 12,506 shares of the business services provider’s stock valued at $998,000 after purchasing an additional 133 shares during the last quarter. Institutional investors and hedge funds own 69.85% of the company’s stock.

PAYX has been the topic of a number of analyst reports. BMO Capital Markets lifted their price target on Paychex from $82.00 to $93.00 and gave the company a “market perform” rating in a research note on Thursday, December 24th. Smith Barney Citigroup lifted their price target on Paychex from $93.00 to $105.00 in a research note on Tuesday, January 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price target on Paychex from $93.00 to $105.00 in a research note on Tuesday, January 5th. Bank of America lifted their price target on Paychex from $70.00 to $81.00 in a research note on Monday, December 28th. Finally, Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $93.00 in a research note on Thursday, October 8th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $87.67.

In related news, CFO Efrain Rivera sold 216,818 shares of the company’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $83.72, for a total value of $18,152,002.96. Following the completion of the transaction, the chief financial officer now directly owns 143,924 shares in the company, valued at $12,049,317.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert L. Schrader sold 3,559 shares of the company’s stock in a transaction on Monday, December 28th. The shares were sold at an average price of $94.93, for a total value of $337,855.87. Following the completion of the transaction, the vice president now owns 8,871 shares of the company’s stock, valued at $842,124.03. The disclosure for this sale can be found here. Over the last three months, insiders sold 483,252 shares of company stock valued at $42,117,342. Insiders own 11.70% of the company’s stock.

NASDAQ PAYX opened at $89.56 on Thursday. Paychex, Inc. has a fifty-two week low of $47.87 and a fifty-two week high of $99.95. The stock has a market cap of $32.30 billion, a price-to-earnings ratio of 30.88, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. The business has a fifty day moving average of $93.32 and a 200-day moving average of $82.49. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.29.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, December 22nd. The business services provider reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.07. Paychex had a return on equity of 38.70% and a net margin of 26.26%. The company had revenue of $983.70 million during the quarter, compared to analysts’ expectations of $956.30 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, analysts anticipate that Paychex, Inc. will post 2.82 EPS for the current year.

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 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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