DnB Asset Management AS Increases Stake in Paychex, Inc. (PAYX)
DnB Asset Management AS grew its position in Paychex, Inc. (NASDAQ:PAYX) by 8.2% in the fourth quarter, Holdings Channel reports. The fund owned 46,027 shares of the business services provider’s stock after acquiring an additional 3,500 shares during the quarter. DnB Asset Management AS’s holdings in Paychex were worth $3,134,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Salem Investment Counselors Inc. lifted its stake 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 acquiring an additional 11 shares during the last quarter. Sun Life Financial INC raised its position in Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new position in Paychex during the 2nd quarter worth $145,000. Bank of Nova Scotia Trust Co. bought a new position in Paychex during the 3rd quarter worth $188,000. Finally, Yorktown Management & Research Co Inc bought a new position in Paychex during the 3rd quarter worth $210,000. Institutional investors own 67.85% of the company’s stock.
Shares of Paychex, Inc. (PAYX) opened at $67.66 on Friday. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $70.39. The firm has a market capitalization of $24,290.00, a PE ratio of 29.04, a price-to-earnings-growth ratio of 3.60 and a beta of 0.99.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares in the company, valued at approximately $4,367,102.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.
PAYX has been the subject of several analyst reports. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 22nd. Bank of America raised their target price on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Morgan Stanley reaffirmed an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “hold” rating and set a $68.00 target price on shares of Paychex in a research report on Friday, December 22nd. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $64.00 target price on shares of Paychex in a research report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $62.10.
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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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