SVB Wealth LLC Has $813,000 Stock Position in Paychex, Inc. (NASDAQ:PAYX)

SVB Wealth LLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 28.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,825 shares of the business services provider’s stock after buying an additional 1,520 shares during the period. SVB Wealth LLC’s holdings in Paychex were worth $813,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Griffin Asset Management Inc. lifted its position in Paychex by 0.5% during the 4th quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider’s stock worth $2,171,000 after buying an additional 88 shares in the last quarter. Roman Butler Fullerton & Co. raised its holdings in Paychex by 2.3% during the 3rd quarter. Roman Butler Fullerton & Co. now owns 4,003 shares of the business services provider’s stock worth $472,000 after purchasing an additional 91 shares during the last quarter. Penserra Capital Management LLC raised its holdings in Paychex by 6.3% during the 1st quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider’s stock worth $209,000 after purchasing an additional 91 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in Paychex by 5.1% during the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider’s stock worth $227,000 after purchasing an additional 92 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in 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 purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Buying and Selling

In related news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the completion of the sale, the vice president now directly owns 82,690 shares of the company’s stock, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.50% of the stock is owned by company insiders.

Paychex Price Performance

NASDAQ PAYX opened at $119.52 on Friday. The business has a 50 day simple moving average of $122.03 and a 200 day simple moving average of $120.18. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.24. 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.

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

Paychex declared that its board has authorized a share repurchase program on Friday, January 19th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PAYX. Stifel Nicolaus boosted their price objective on Paychex from $124.00 to $130.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Bank of America boosted their price objective on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a report on Wednesday, April 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Evercore ISI reaffirmed an “in-line” rating and issued a $118.00 price target on shares of Paychex in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. lowered their price target on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a research note on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.00.

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.