Tokio Marine Asset Management Co. Ltd. Has $1.06 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 40.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 8,885 shares of the business services provider’s stock after purchasing an additional 2,545 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Paychex were worth $1,058,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management purchased a new position in shares of Paychex during the third quarter valued at about $26,000. Carmel Capital Partners LLC acquired a new stake in Paychex during the 3rd quarter worth about $28,000. Larson Financial Group LLC raised its holdings in Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. Fortis Group Advisors LLC purchased a new stake in Paychex during the 3rd quarter worth approximately $34,000. Finally, Gradient Investments LLC grew its position in shares of Paychex by 39.8% during the third quarter. Gradient Investments LLC now owns 351 shares of the business services provider’s stock worth $40,000 after acquiring an additional 100 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Price Performance

PAYX stock traded up $0.03 during midday trading on Friday, hitting $122.00. 92,135 shares of the stock were exchanged, compared to its average volume of 1,788,028. The stock’s 50-day moving average price is $122.01 and its 200-day moving average price is $120.36. Paychex, Inc. has a fifty-two week low of $104.09 and a fifty-two week high of $129.70. The stock has a market cap of $43.92 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 3.45 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.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.29 earnings per share. Research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex announced that its board has approved a stock buyback program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on PAYX. 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. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a research report on Wednesday, April 3rd. Bank of America boosted their target price 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. TD Cowen dropped their price objective on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price objective 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 assigned a hold rating to the stock. According to data from MarketBeat.com, Paychex has an average rating of “Hold” and an average target price of $123.00.

Insider Transactions at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the business’s 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 sale, the vice president now directly owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. 11.50% of the stock is currently owned by insiders.

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.