National Pension Service Grows Position in Paychex, Inc. (PAYX)

National Pension Service lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 21.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 403,754 shares of the business services provider’s stock after acquiring an additional 72,651 shares during the period. National Pension Service owned 0.11% of Paychex worth $29,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAYX. Harvest Fund Management Co. Ltd acquired a new position in shares of Paychex in the 3rd quarter valued at $115,000. Fort L.P. acquired a new position in shares of Paychex in the 2nd quarter valued at $121,000. TRUE Private Wealth Advisors acquired a new position in shares of Paychex in the 3rd quarter valued at $137,000. Girard Partners LTD. acquired a new stake in Paychex during the 3rd quarter worth about $164,000. Finally, Honkamp Krueger Financial Services Inc. acquired a new stake in Paychex during the 3rd quarter worth about $180,000. 69.59% of the stock is currently owned by hedge funds and other institutional investors.

PAYX stock opened at $65.90 on Friday. Paychex, Inc. has a 52-week low of $59.36 and a 52-week high of $76.02. The stock has a market cap of $23.66 billion, a PE ratio of 25.84, a PEG ratio of 2.72 and a beta of 1.03.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.71% and a return on equity of 42.87%. The business had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same period in the prior year, the company posted $0.62 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, research analysts predict that Paychex, Inc. will post 2.85 earnings per share for the current year.

In other news, Director Joseph Doody bought 1,000 shares of the stock in a transaction dated Tuesday, October 23rd. The shares were acquired at an average cost of $66.50 per share, with a total value of $66,500.00. Following the purchase, the director now directly owns 16,639 shares in the company, valued at approximately $1,106,493.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 11.80% of the company’s stock.

Several equities research analysts have weighed in on PAYX shares. Guggenheim started coverage on Paychex in a research report on Monday, August 20th. They set a “neutral” rating and a $75.00 price target on the stock. Citigroup increased their price target on Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 29th. Deutsche Bank increased their price target on Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Finally, Moffett Nathanson started coverage on Paychex in a research report on Thursday, October 4th. They set a “neutral” rating and a $79.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and a consensus target price of $72.93.

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Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, 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.

Further Reading: What is the Coverage Ratio?

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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