Cozad Asset Management Inc. Cuts Stake in Paychex, Inc. (PAYX)

Cozad Asset Management Inc. cut its position in Paychex, Inc. (NASDAQ:PAYX) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,971 shares of the business services provider’s stock after selling 375 shares during the period. Cozad Asset Management Inc.’s holdings in Paychex were worth $2,018,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Paychex by 6.9% in the third quarter. BlackRock Inc. now owns 26,469,529 shares of the business services provider’s stock valued at $1,949,481,000 after purchasing an additional 1,697,545 shares during the period. Vanguard Group Inc. increased its holdings in shares of Paychex by 1.5% in the third quarter. Vanguard Group Inc. now owns 25,237,021 shares of the business services provider’s stock valued at $1,858,708,000 after purchasing an additional 363,583 shares during the period. Vanguard Group Inc increased its holdings in shares of Paychex by 1.5% in the third quarter. Vanguard Group Inc now owns 25,237,021 shares of the business services provider’s stock valued at $1,858,708,000 after purchasing an additional 363,583 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Paychex by 1,614,724.4% in the third quarter. Bank of New York Mellon Corp now owns 8,477,828 shares of the business services provider’s stock valued at $624,389,000 after purchasing an additional 8,477,303 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Paychex by 2.9% in the third quarter. Wells Fargo & Company MN now owns 8,429,147 shares of the business services provider’s stock valued at $620,806,000 after purchasing an additional 238,854 shares during the period. 69.53% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Joseph Doody purchased 1,000 shares of the stock in a transaction dated Tuesday, October 23rd. The stock was acquired at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the completion of the transaction, the director now directly owns 16,639 shares in the company, valued at approximately $1,106,493.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 11.80% of the company’s stock.

PAYX has been the topic of a number of recent research reports. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 22nd. BMO Capital Markets restated a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. Citigroup raised their target price on Paychex from $67.00 to $73.00 and gave the company a “neutral” rating in a research report on Wednesday, October 3rd. Finally, Barclays assumed coverage on Paychex in a research note on Wednesday, November 14th. They set an “equal weight” rating and a $70.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $72.60.

PAYX stock traded down $0.15 during midday trading on Monday, hitting $67.14. 67,453 shares of the company’s stock were exchanged, compared to its average volume of 1,906,392. The stock has a market cap of $23.81 billion, a price-to-earnings ratio of 26.35, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Paychex, Inc. has a 1-year low of $59.36 and a 1-year high of $76.02.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Paychex had a return on equity of 41.61% and a net margin of 27.99%. The business had revenue of $858.90 million during the quarter, compared to analyst estimates of $860.61 million. During the same period last year, the business posted $0.59 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, analysts predict that Paychex, Inc. will post 2.86 EPS for the current fiscal year.

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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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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