Lindbrook Capital LLC Lowers Holdings in Paychex, Inc. (NASDAQ:PAYX)

Lindbrook Capital LLC decreased its holdings in Paychex, Inc. (NASDAQ:PAYXFree Report) by 8.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,347 shares of the business services provider’s stock after selling 468 shares during the quarter. Lindbrook Capital LLC’s holdings in Paychex were worth $637,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Paychex by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 29,931,007 shares of the business services provider’s stock valued at $3,451,943,000 after buying an additional 170,453 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Paychex by 8.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after purchasing an additional 927,584 shares during the period. Geode Capital Management LLC grew its holdings in shares of Paychex by 0.8% during the 1st quarter. Geode Capital Management LLC now owns 7,982,029 shares of the business services provider’s stock worth $913,599,000 after purchasing an additional 62,739 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,797,671 shares of the business services provider’s stock worth $783,975,000 after purchasing an additional 178,316 shares during the period. Finally, Moneta Group Investment Advisors LLC grew its holdings in shares of Paychex by 102,768.9% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock worth $524,359,000 after purchasing an additional 4,533,137 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

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

Paychex Stock Up 1.5 %

Shares of PAYX traded up $1.73 during trading on Friday, reaching $119.52. The company’s stock had a trading volume of 2,643,302 shares, compared to its average volume of 2,090,025. The company has a fifty day moving average of $122.03 and a two-hundred day moving average of $120.22. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The company has a market cap of $43.02 billion, a price-to-earnings ratio of 26.04, a P/E/G 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.

Paychex (NASDAQ:PAYXGet Free Report) last announced 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. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the company posted $1.29 EPS. Paychex’s quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts predict that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex announced that its Board of Directors has authorized a share buyback plan on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PAYX shares. Wedbush reiterated a “neutral” rating and set a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Citigroup decreased their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Bank of America boosted their target price on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Finally, TD Cowen reduced their price target on Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $123.00.

Check Out Our Latest Stock Report on PAYX

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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