AIA Group Ltd Acquires 8,145 Shares of Paychex, Inc. (NASDAQ:PAYX)

AIA Group Ltd grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 82.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,013 shares of the business services provider’s stock after purchasing an additional 8,145 shares during the period. AIA Group Ltd’s holdings in Paychex were worth $2,077,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. ST Germain D J Co. Inc. acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $26,000. Carmel Capital Partners LLC bought a new position in Paychex in the 3rd quarter valued at approximately $28,000. NewSquare Capital LLC raised its stake in shares of Paychex by 91.7% during the second quarter. NewSquare Capital LLC now owns 255 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 122 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Paychex by 80.9% during the second quarter. Hexagon Capital Partners LLC now owns 275 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 123 shares during the last quarter. Finally, DHJJ Financial Advisors Ltd. bought a new position in shares of Paychex during the third quarter valued at $33,000. Institutional investors and hedge funds own 72.18% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research note on Friday, December 22nd. StockNews.com started coverage on shares of Paychex in a research note on Thursday, October 5th. They set a “hold” rating for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research note on Friday, December 22nd. Bank of America lifted their target price on shares of Paychex from $103.00 to $106.00 and gave the stock an “underperform” rating in a research note on Thursday, September 28th. Finally, Morgan Stanley lifted their target price on shares of Paychex from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 28th. Two research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.17.

Get Our Latest Stock Analysis on PAYX

Paychex Stock Up 0.3 %

Shares of NASDAQ PAYX opened at $120.11 on Thursday. The stock has a market capitalization of $43.22 billion, a P/E ratio of 26.69, a P/E/G ratio of 3.24 and a beta of 0.96. The company has a 50-day moving average price of $120.61 and a 200-day moving average price of $119.40. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.23 and a quick ratio of 1.23.

Paychex (NASDAQ:PAYXGet Free Report) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01. Paychex had a net margin of 31.62% and a return on equity of 46.37%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Paychex, Inc. will post 4.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David J. S. Flaschen sold 16,031 shares of the business’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the transaction, the director now directly owns 5,383 shares in the company, valued at $644,829.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.50% of the stock is owned by corporate insiders.

Paychex Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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