Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Neuberger Berman Group LLC

Neuberger Berman Group LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,041,323 shares of the business services provider’s stock after purchasing an additional 56,187 shares during the period. Neuberger Berman Group LLC’s holdings in Paychex were worth $111,248,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC grew its position in Paychex by 9.3% during the second quarter. Fieldpoint Private Securities LLC now owns 1,090 shares of the business services provider’s stock worth $126,000 after buying an additional 93 shares during the period. Venture Visionary Partners LLC grew its position in Paychex by 2.0% during the second quarter. Venture Visionary Partners LLC now owns 4,852 shares of the business services provider’s stock worth $520,000 after buying an additional 94 shares during the period. HM Payson & Co. grew its position in Paychex by 2.3% during the first quarter. HM Payson & Co. now owns 4,403 shares of the business services provider’s stock worth $432,000 after buying an additional 100 shares during the period. Eqis Capital Management Inc. grew its position in Paychex by 1.7% during the second quarter. Eqis Capital Management Inc. now owns 5,871 shares of the business services provider’s stock worth $630,000 after buying an additional 100 shares during the period. Finally, Accretive Wealth Partners LLC grew its position in Paychex by 4.7% during the second quarter. Accretive Wealth Partners LLC now owns 2,317 shares of the business services provider’s stock worth $249,000 after buying an additional 105 shares during the period. 69.75% of the stock is owned by institutional investors and hedge funds.

PAYX has been the topic of several recent analyst reports. Argus upped their target price on shares of Paychex from $106.00 to $118.00 and gave the stock a “buy” rating in a research report on Monday, June 28th. Wolfe Research increased their price target on shares of Paychex from $94.00 to $105.00 and gave the company an “underperform” rating in a research report on Friday, July 2nd. Citigroup lowered their price target on shares of Paychex to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday.
Robert W. Baird increased their price target on shares of Paychex from $111.00 to $120.00 and gave the company a “neutral” rating in a research report on Monday, October 4th. Finally, Cowen increased their price target on shares of Paychex from $96.00 to $106.00 and gave the company a “market perform” rating in a research report on Monday, June 28th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and an average target price of $109.83.

In other news, Director David J. S. Flaschen sold 10,850 shares of the stock in a transaction on Friday, July 16th. The shares were sold at an average price of $112.41, for a total value of $1,219,648.50. Following the completion of the sale, the director now owns 1,879 shares of the company’s stock, valued at $211,218.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert L. Schrader sold 686 shares of the stock in a transaction on Sunday, August 1st. The stock was sold at an average price of $113.82, for a total transaction of $78,080.52. Following the completion of the sale, the vice president now directly owns 12,411 shares of the company’s stock, valued at approximately $1,412,620.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 249,477 shares of company stock worth $28,072,980. 11.70% of the stock is currently owned by insiders.

Shares of PAYX opened at $117.46 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $42.36 billion, a price-to-earnings ratio of 38.64, a PEG ratio of 4.09 and a beta of 0.91. The company’s 50 day simple moving average is $113.54 and its 200 day simple moving average is $106.99. Paychex, Inc. has a 1 year low of $79.63 and a 1 year high of $119.38.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, September 29th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.09. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. Paychex had a net margin of 27.05% and a return on equity of 38.04%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Equities analysts expect that Paychex, Inc. will post 3.37 EPS for the current fiscal year.

Paychex announced that its board has authorized a share buyback plan on Thursday, July 8th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

About Paychex

Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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