Wynn Capital LLC Takes $429,000 Position in Paychex, Inc. (NASDAQ:PAYX)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of PAYX. Griffin Asset Management Inc. boosted its holdings in shares of Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock worth $2,171,000 after purchasing an additional 88 shares during the period. Roman Butler Fullerton & Co. boosted its holdings in shares of Paychex by 2.3% during the third quarter. Roman Butler Fullerton & Co. now owns 4,003 shares of the business services provider’s stock worth $472,000 after purchasing an additional 91 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in shares of Paychex by 5.1% during the fourth quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after purchasing an additional 92 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Paychex by 3.5% in the third quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock worth $329,000 after buying an additional 96 shares during the period. Finally, Marino Stram & Associates LLC lifted its holdings in Paychex by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 5,789 shares of the business services provider’s stock worth $690,000 after buying an additional 98 shares during the period. 83.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. TD Cowen lowered their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a report on Wednesday, April 3rd. Citigroup lowered their target price on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Bank of America lifted their target price on shares of Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Finally, Evercore ISI reiterated an “in-line” rating and set a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $123.00.

Insiders Place Their Bets

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

Paychex Stock Up 0.7 %

Shares of PAYX traded up $0.90 on Wednesday, hitting $122.52. 1,804,414 shares of the stock traded hands, compared to its average volume of 1,817,160. The company has a market capitalization of $44.10 billion, a PE ratio of 26.50, a P/E/G ratio of 3.42 and a beta of 0.93. 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 business has a 50 day simple moving average of $122.02 and a 200 day simple moving average of $120.33. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.01. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts forecast that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex declared that its Board of Directors has authorized a stock buyback program on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

About Paychex

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.