Carroll Financial Associates Inc. Increases Stake in Paychex, Inc. (NASDAQ:PAYX)

Carroll Financial Associates Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 15.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,232 shares of the business services provider’s stock after buying an additional 300 shares during the quarter. Carroll Financial Associates Inc.’s holdings in Paychex were worth $184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Paychex by 9.7% during the 2nd quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock valued at $2,841,008,000 after acquiring an additional 3,058,635 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Paychex by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,398,764 shares of the business services provider’s stock valued at $2,172,355,000 after acquiring an additional 425,365 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Paychex by 11.0% during the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after acquiring an additional 919,406 shares during the last quarter. Invesco Ltd. boosted its position in shares of Paychex by 1.5% during the 2nd quarter. Invesco Ltd. now owns 5,849,907 shares of the business services provider’s stock valued at $481,389,000 after acquiring an additional 85,215 shares during the last quarter. Finally, Bahl & Gaynor Inc. boosted its position in shares of Paychex by 27.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock valued at $260,697,000 after acquiring an additional 686,831 shares during the last quarter. 69.73% of the stock is owned by institutional investors and hedge funds.

PAYX has been the subject of a number of research reports. William Blair reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Cowen initiated coverage on Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 target price for the company. BidaskClub downgraded Paychex from a “buy” rating to a “hold” rating in a research report on Saturday, August 24th. Barclays increased their target price on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $79.33.

In related news, VP Robert L. Schrader sold 751 shares of the firm’s stock in a transaction on Saturday, August 3rd. The stock was sold at an average price of $83.89, for a total value of $63,001.39. Following the completion of the sale, the vice president now directly owns 9,166 shares in the company, valued at $768,935.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Pamela A. Joseph sold 12,156 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $85.52, for a total value of $1,039,581.12. Following the completion of the sale, the director now owns 18,893 shares of the company’s stock, valued at $1,615,729.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,516 shares of company stock valued at $1,153,665. 11.70% of the stock is owned by corporate insiders.

Shares of PAYX opened at $84.63 on Friday. The company has a market cap of $29.38 billion, a PE ratio of 29.80, a P/E/G ratio of 2.94 and a beta of 0.90. The business has a fifty day moving average of $82.19 and a 200 day moving average of $83.59. Paychex, Inc. has a 52-week low of $61.32 and a 52-week high of $88.43. The company has a quick ratio of 1.17, a current ratio of 1.15 and a debt-to-equity ratio of 0.35.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $992.00 million during the quarter, compared to the consensus estimate of $991.70 million. Paychex had a return on equity of 41.07% and a net margin of 27.04%. Paychex’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.67 earnings per share. As a group, research analysts anticipate that Paychex, Inc. will post 3.11 earnings per share for the current fiscal year.

Paychex Company 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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