Troy Asset Management Ltd Holds Position in Paychex, Inc. (PAYX)

Troy Asset Management Ltd continued to hold its stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,650 shares of the business services provider’s stock at the end of the first quarter. Paychex makes up 0.1% of Troy Asset Management Ltd’s holdings, making the stock its 29th largest position. Troy Asset Management Ltd’s holdings in Paychex were worth $2,189,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its stake in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the period. Denver Investment Advisors LLC increased its stake in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the period. King Wealth Management Group LLC increased its stake in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares during the period. Mosaic Family Wealth LLC increased its stake in shares of Paychex by 35.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,803 shares of the business services provider’s stock valued at $224,000 after buying an additional 985 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in shares of Paychex during the first quarter valued at about $225,000. 68.46% of the stock is currently owned by institutional investors and hedge funds.

Paychex, Inc. (PAYX) opened at 56.60 on Wednesday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The company has a 50 day moving average price of $58.87 and a 200-day moving average price of $59.90. The firm has a market capitalization of $20.34 billion, a PE ratio of 25.16 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, equities analysts predict that Paychex, Inc. will post $2.37 EPS for the current year.

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Several analysts recently issued reports on the company. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and lowered their target price for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Finally, Wedbush restated a “neutral” rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $59.16.

In related news, Director Joseph M. Velli sold 9,000 shares of the company’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $58.29, for a total value of $524,610.00. Following the completion of the sale, the director now owns 30,624 shares in the company, valued at approximately $1,785,072.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Mark Anthony Bottini sold 35,000 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $60.01, for a total transaction of $2,100,350.00. Following the completion of the sale, the vice president now owns 47,007 shares of the company’s stock, valued at approximately $2,820,890.07. The disclosure for this sale can be found here. Insiders have sold a total of 127,151 shares of company stock valued at $7,417,518 in the last quarter. Corporate insiders own 11.60% of the company’s stock.

About Paychex

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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