Cullinan Associates Inc. trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 3.2% during the fourth quarter, HoldingsChannel reports. The firm owned 244,105 shares of the business services provider’s stock after selling 7,983 shares during the period. Paychex accounts for approximately 1.2% of Cullinan Associates Inc.’s holdings, making the stock its 11th largest position. Cullinan Associates Inc.’s holdings in Paychex were worth $16,619,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in PAYX. Salem Investment Counselors Inc. raised its holdings in shares of Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares in the last quarter. Sun Life Financial INC raised its holdings in shares of Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in shares of Paychex in the 2nd quarter valued at $145,000. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Paychex in the 3rd quarter valued at $188,000. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of Paychex in the 3rd quarter valued at $210,000. Institutional investors and hedge funds own 67.88% of the company’s stock.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the transaction, the vice president now directly owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,311 shares of company stock worth $3,429,471 over the last three months. 11.70% of the stock is currently owned by insiders.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The company had revenue of $826.50 million for the quarter, compared to the consensus estimate of $823.48 million. During the same period last year, the firm posted $0.56 EPS. Paychex’s revenue for the quarter was up 7.1% on a year-over-year basis. analysts anticipate that Paychex, Inc. will post 2.38 EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on PAYX shares. Bank of America raised their price objective on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Stifel Nicolaus restated a “hold” rating and issued a $68.00 price objective on shares of Paychex in a report on Friday, December 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $59.00 price target (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.10.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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