Valmark Advisers Inc. Trims Holdings in Paychex, Inc. (NASDAQ:PAYX)

Valmark Advisers Inc. trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,447 shares of the business services provider’s stock after selling 98 shares during the period. Valmark Advisers Inc.’s holdings in Paychex were worth $1,125,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Griffin Asset Management Inc. lifted its holdings in Paychex by 0.5% in the 4th quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock valued at $2,171,000 after purchasing an additional 88 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in Paychex by 5.1% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock valued at $227,000 after purchasing an additional 92 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Paychex by 3.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,852 shares of the business services provider’s stock worth $329,000 after acquiring an additional 96 shares during the period. Marino Stram & Associates LLC lifted its holdings in shares of Paychex by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 5,789 shares of the business services provider’s stock worth $690,000 after acquiring an additional 98 shares during the period. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Paychex by 0.9% during the 4th quarter. Verdence Capital Advisors LLC now owns 10,550 shares of the business services provider’s stock worth $1,257,000 after acquiring an additional 99 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.50% of the stock is owned by corporate insiders.

Paychex Trading Down 1.6 %

NASDAQ PAYX traded down $2.00 during mid-day trading on Friday, hitting $119.97. The company’s stock had a trading volume of 2,400,533 shares, compared to its average volume of 2,120,168. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The stock’s fifty day simple moving average is $121.94 and its two-hundred day simple moving average is $120.38. The firm has a market capitalization of $43.18 billion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 3.38 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the company earned $1.29 earnings per share. Paychex’s revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts expect that Paychex, Inc. will post 4.71 EPS for the current year.

Paychex announced that its board has authorized a share repurchase program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Evercore ISI reiterated an “in-line” rating and set a $118.00 price objective on shares of Paychex in a report on Tuesday, March 26th. TD Cowen cut their price objective on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Bank of America increased their price objective on shares of Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Finally, Wedbush reiterated a “neutral” rating and set a $115.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $123.00.

Paychex Profile

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.