Wynn Capital LLC Acquires New Holdings in Paychex, Inc. (NASDAQ:PAYX)

Wynn Capital LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,605 shares of the business services provider’s stock, valued at approximately $429,000.

Other institutional investors have also made changes to their positions in the company. AE Wealth Management LLC grew its holdings in Paychex by 102.4% in the 3rd quarter. AE Wealth Management LLC now owns 18,609 shares of the business services provider’s stock valued at $2,146,000 after buying an additional 9,417 shares during the last quarter. 1900 Wealth Management LLC acquired a new stake in shares of Paychex during the 3rd quarter worth approximately $221,000. DAVENPORT & Co LLC grew its holdings in shares of Paychex by 81.2% during the 3rd quarter. DAVENPORT & Co LLC now owns 21,670 shares of the business services provider’s stock worth $2,499,000 after purchasing an additional 9,712 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in shares of Paychex by 23.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 9,240 shares of the business services provider’s stock worth $1,090,000 after purchasing an additional 1,738 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its holdings in shares of Paychex by 65.3% during the 3rd quarter. Meridian Wealth Management LLC now owns 6,398 shares of the business services provider’s stock worth $738,000 after purchasing an additional 2,528 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

PAYX has been the topic of several recent research reports. Evercore ISI reissued an “in-line” rating and set a $118.00 price objective on shares of Paychex in a report on Tuesday, March 26th. Citigroup cut their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. TD Cowen dropped their target price on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Bank of America boosted their target price on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Finally, Wedbush restated a “neutral” rating and set a $115.00 target price on shares of Paychex in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat, Paychex has a consensus rating of “Hold” and an average target price of $123.00.

Insider Activity

In other news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.50% of the company’s stock.

Paychex Stock Performance

Shares of NASDAQ PAYX traded up $0.90 during trading hours on Wednesday, reaching $122.52. 1,804,414 shares of the stock were exchanged, compared to its average volume of 1,817,160. The firm has a market capitalization of $44.10 billion, a price-to-earnings ratio of 26.50, a P/E/G ratio of 3.42 and a beta of 0.93. Paychex, Inc. has a 52 week low of $104.09 and a 52 week high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. The stock’s fifty day simple moving average is $122.02 and its 200 day simple moving average is $120.33.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the company earned $1.29 EPS. The company’s revenue was up 4.2% on a year-over-year basis. Sell-side analysts predict that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex declared that its Board of Directors has approved a stock buyback program on Friday, January 19th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Paychex Company Profile

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, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.