Welch Group LLC Cuts Stake in Paychex, Inc. (PAYX)
Welch Group LLC decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 367,947 shares of the business services provider’s stock after selling 6,220 shares during the quarter. Paychex makes up 3.2% of Welch Group LLC’s investment portfolio, making the stock its 4th largest position. Welch Group LLC’s holdings in Paychex were worth $29,509,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of PAYX. We Are One Seven LLC bought a new position in Paychex in the 4th quarter worth about $25,000. Liberty Wealth Management LLC bought a new position in Paychex in the 4th quarter worth about $25,000. TCI Wealth Advisors Inc. boosted its position in shares of Paychex by 404.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 255 shares during the last quarter. Baldwin Brothers Inc. MA bought a new stake in shares of Paychex during the 4th quarter valued at about $27,000. Finally, Loeb Partners Corp bought a new stake in shares of Paychex during the 4th quarter valued at about $39,000. Institutional investors own 68.64% of the company’s stock.
Shares of NASDAQ PAYX traded up $0.21 during trading hours on Monday, reaching $82.37. 896,098 shares of the stock traded hands, compared to its average volume of 1,954,987. The stock has a market cap of $29.56 billion, a price-to-earnings ratio of 32.30, a P/E/G ratio of 3.16 and a beta of 1.04. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31. Paychex, Inc. has a 52-week low of $59.55 and a 52-week high of $82.48.
PAYX has been the subject of a number of research analyst reports. Credit Suisse Group lifted their price target on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. BMO Capital Markets reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. Finally, Barclays lifted their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Paychex has an average rating of “Hold” and a consensus price target of $74.14.
In other Paychex news, CEO Martin Mucci sold 50,000 shares of Paychex stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $72.32, for a total value of $3,616,000.00. Following the transaction, the chief executive officer now directly owns 349,929 shares of the company’s stock, valued at approximately $25,306,865.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Gioja sold 29,840 shares of Paychex stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $80.58, for a total value of $2,404,507.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,272 shares of company stock worth $16,458,249. 11.80% of the stock is currently owned by insiders.
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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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