Paychex, Inc. (NASDAQ:PAYX) Stock Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 71.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 96,795 shares of the business services provider’s stock after purchasing an additional 40,243 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Paychex were worth $11,529,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. OFI Invest Asset Management bought a new stake in Paychex in the 3rd quarter valued at about $26,000. Carmel Capital Partners LLC acquired a new position in Paychex during the 3rd quarter valued at about $28,000. Larson Financial Group LLC increased its stake 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 buying an additional 130 shares during the period. Fortis Group Advisors LLC acquired a new position in Paychex during the 3rd quarter valued at about $34,000. Finally, HWG Holdings LP acquired 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.

Paychex Stock Performance

Shares of PAYX opened at $119.52 on Friday. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70. The company has a 50-day moving average of $122.03 and a two-hundred day moving average of $120.18. The stock has a market cap of $43.02 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 3.32 and a beta of 0.93. 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 (NASDAQ:PAYX) last announced its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS 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 during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the company posted $1.29 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts expect that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex announced that its board has approved a stock 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 repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have commented on PAYX. JPMorgan Chase & Co. lowered their target price on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research note on Friday, December 22nd. Stifel Nicolaus raised their target price on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. Citigroup lowered their target price on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 26th. Barclays lowered their target price on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Friday, December 22nd. Finally, Evercore ISI reissued an “in-line” rating and set a $118.00 target price on shares of Paychex in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus target price of $123.00.

Insiders Place Their Bets

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 11.50% of the company’s stock.

Paychex Company 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.