Alaska Permanent Fund Corp Has $3.84 Million Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Alaska Permanent Fund Corp cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 25.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,223 shares of the business services provider’s stock after selling 11,181 shares during the period. Alaska Permanent Fund Corp’s holdings in Paychex were worth $3,838,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in Paychex during the third quarter worth approximately $26,000. Carmel Capital Partners LLC bought a new position in Paychex in the third quarter valued at approximately $28,000. Larson Financial Group LLC increased its stake in Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. Fortis Group Advisors LLC bought a new position in Paychex in the third quarter valued at approximately $34,000. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Paychex during the fourth quarter worth $40,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Price Performance

Paychex stock traded up $0.90 during mid-day trading on Wednesday, reaching $122.52. 1,803,911 shares of the company’s stock traded hands, compared to its average volume of 1,817,133. The company has a market cap of $44.10 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 3.42 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. The stock has a 50 day moving average of $122.02 and a two-hundred day moving average of $120.33. Paychex, Inc. has a 12-month low of $104.09 and a 12-month high of $129.70.

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

Paychex declared that its Board of Directors has approved a share buyback plan on Friday, January 19th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on PAYX shares. Wedbush reaffirmed a “neutral” rating and set a $115.00 target price on shares of Paychex in a research note on Wednesday, April 3rd. Evercore ISI restated an “in-line” rating and issued a $118.00 target price on shares of Paychex in a report on Tuesday, March 26th. Bank of America boosted their target price on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 3rd. Citigroup reduced their price objective on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. Finally, TD Cowen reduced their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $123.00.

Insider Activity at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the completion of 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 document filed with the SEC, which is available through this hyperlink. Insiders own 11.50% of the company’s stock.

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.