Stock Yards Bank & Trust Co. Has $3.57 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Stock Yards Bank & Trust Co. reduced its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,982 shares of the business services provider’s stock after selling 1,872 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Paychex were worth $3,571,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Dynamic Advisor Solutions LLC lifted its position in shares of Paychex by 37.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 2,667 shares of the business services provider’s stock valued at $308,000 after purchasing an additional 723 shares in the last quarter. AE Wealth Management LLC lifted its position in shares of Paychex by 102.4% during the third quarter. AE Wealth Management LLC now owns 18,609 shares of the business services provider’s stock valued at $2,146,000 after purchasing an additional 9,417 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Paychex by 13.7% during the third quarter. HB Wealth Management LLC now owns 5,550 shares of the business services provider’s stock valued at $640,000 after purchasing an additional 667 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Paychex during the third quarter valued at about $201,000. Finally, 1900 Wealth Management LLC bought a new position in shares of Paychex during the third quarter valued at about $221,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PAYX has been the topic of a number of recent analyst reports. TD Cowen dropped their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Evercore ISI reissued an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Bank of America lifted their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $123.00.

Insider Transactions at Paychex

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

Paychex Price Performance

PAYX opened at $121.23 on Tuesday. The company has a market capitalization of $43.64 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 3.37 and a beta of 0.93. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $122.01 and a 200-day moving average price of $120.30. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70.

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

Paychex declared that its Board of Directors has approved a stock repurchase plan on Friday, January 19th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are 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.