Neo Ivy Capital Management Increases Holdings in Paychex, Inc. (NASDAQ:PAYX)
Neo Ivy Capital Management boosted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.4% during the second quarter, Holdings Channel reports. The firm owned 12,289 shares of the business services provider’s stock after acquiring an additional 1,735 shares during the quarter. Neo Ivy Capital Management’s holdings in Paychex were worth $1,011,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in PAYX. FinTrust Capital Advisors LLC increased its holdings in Paychex by 64.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 122 shares during the period. Glassman Wealth Services increased its holdings in Paychex by 125.0% during the 1st quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 170 shares during the period. Manchester Financial Inc. purchased a new position in Paychex during the 2nd quarter valued at about $29,000. Lowe Wealth Advisors LLC increased its holdings in Paychex by 466.3% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 453 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 373 shares during the period. Finally, Sandy Spring Bank increased its holdings in Paychex by 100.0% during the 2nd quarter. Sandy Spring Bank now owns 600 shares of the business services provider’s stock valued at $50,000 after purchasing an additional 300 shares during the period. Institutional investors own 69.50% of the company’s stock.
Shares of PAYX stock traded up $0.04 during midday trading on Friday, reaching $82.54. 1,726,599 shares of the stock were exchanged, compared to its average volume of 1,456,474. Paychex, Inc. has a 1 year low of $61.32 and a 1 year high of $88.43. The company’s 50 day moving average is $82.11 and its two-hundred day moving average is $83.08. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.30. The firm has a market cap of $29.55 billion, a PE ratio of 29.06, a price-to-earnings-growth ratio of 2.97 and a beta of 0.88.
A number of brokerages recently issued reports on PAYX. Morgan Stanley downgraded Paychex from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $77.00 to $74.00 in a report on Thursday, August 15th. Cowen started coverage on Paychex in a report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 target price on the stock. Bank of America downgraded Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. BidaskClub downgraded Paychex from a “buy” rating to a “hold” rating in a report on Saturday, August 24th. Finally, William Blair reiterated a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. Paychex has a consensus rating of “Hold” and a consensus price target of $76.00.
In related news, CFO Efrain Rivera sold 476 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $85.72, for a total value of $40,802.72. Following the sale, the chief financial officer now owns 62,192 shares in the company, valued at approximately $5,331,098.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephanie L. Schaeffer sold 1,791 shares of the company’s stock in a transaction that occurred on Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $152,790.21. Following the completion of the sale, the insider now owns 46,355 shares in the company, valued at approximately $3,954,545.05. The disclosure for this sale can be found here. Insiders sold a total of 55,996 shares of company stock worth $4,763,436 in the last 90 days. 11.80% of the stock is currently owned by company insiders.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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