Twin Capital Management Inc. Purchases 1,435 Shares of Paychex, Inc. (NASDAQ:PAYX)

Twin Capital Management Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,739 shares of the business services provider’s stock after purchasing an additional 1,435 shares during the period. Twin Capital Management Inc.’s holdings in Paychex were worth $3,900,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in Paychex during the 3rd quarter valued at about $26,000. Carmel Capital Partners LLC bought a new position in Paychex during the 3rd quarter valued at about $28,000. Larson Financial Group LLC grew its holdings in Paychex by 91.5% during the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Fortis Group Advisors LLC bought a new position in Paychex during the 3rd quarter valued at about $34,000. Finally, HWG Holdings LP bought a new position in Paychex during the 2nd quarter valued at about $34,000. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PAYX shares. Evercore ISI reissued an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research report on Tuesday, March 26th. Wedbush reissued a “neutral” rating and issued a $115.00 price objective on shares of Paychex in a research report on Wednesday, April 3rd. Barclays lowered their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, December 22nd. Citigroup lowered 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 lowered 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 equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat.com, Paychex currently has an average rating of “Hold” and a consensus price target of $123.00.

Paychex Stock Performance

Shares of NASDAQ:PAYX traded down $0.47 during midday trading on Thursday, reaching $118.67. The company’s stock had a trading volume of 988,008 shares, compared to its average volume of 1,793,330. The firm has a market capitalization of $42.72 billion, a PE ratio of 25.96, a P/E/G ratio of 3.42 and a beta of 0.93. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The stock has a fifty day moving average of $122.20 and a 200 day moving average of $120.16. 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:PAYX) last released its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. Paychex had a net margin of 31.86% and a return on equity of 46.14%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 earnings per share. On average, equities analysts expect that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex announced that its board has approved a stock buyback plan on Friday, January 19th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Paychex

In related 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 sale, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 11.50% of the stock is owned by company insiders.

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.