Legacy Capital Wealth Partners LLC Buys 288 Shares of Paychex, Inc. (NASDAQ:PAYX)

Legacy Capital Wealth Partners LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX) by 13.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,495 shares of the business services provider’s stock after purchasing an additional 288 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Paychex were worth $297,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its holdings in shares of Paychex by 12.5% during the third quarter. Handelsbanken Fonder AB now owns 52,230 shares of the business services provider’s stock valued at $6,024,000 after acquiring an additional 5,803 shares in the last quarter. Simplicity Solutions LLC increased its stake in Paychex by 13.4% during the 3rd quarter. Simplicity Solutions LLC now owns 8,219 shares of the business services provider’s stock valued at $948,000 after purchasing an additional 969 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its stake in shares of Paychex by 6.9% in the third quarter. Linden Thomas Advisory Services LLC now owns 6,172 shares of the business services provider’s stock valued at $712,000 after buying an additional 401 shares in the last quarter. ST Germain D J Co. Inc. lifted its stake in shares of Paychex by 238.2% in the third quarter. ST Germain D J Co. Inc. now owns 788 shares of the business services provider’s stock valued at $91,000 after buying an additional 555 shares in the last quarter. Finally, Accurate Wealth Management LLC acquired a new position in shares of Paychex during the third quarter valued at about $2,374,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of PAYX stock opened at $120.81 on Tuesday. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70. The stock has a market capitalization of $43.49 billion, a P/E ratio of 26.32, a PEG ratio of 3.38 and a beta of 0.93. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $121.89 and its 200 day moving average is $120.41.

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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. TD Cowen cut their price target on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research note on Wednesday, April 3rd. Evercore ISI restated an “in-line” rating and set a $118.00 price objective on shares of Paychex in a research note on Tuesday, March 26th. Bank of America increased 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. Wedbush reiterated a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a 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 company’s stock. Based on data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus price target of $123.00.

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.