Greenleaf Trust Increases Position in Paychex, Inc. (NASDAQ:PAYX) (2024)

Posted by Defense World Staff on Apr 22nd, 2024

Greenleaf Trust increased its position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 6.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,584 shares of the business services provider’s stock after acquiring an additional 413 shares during the quarter. Greenleaf Trust’s holdings in Paychex were worth $784,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Naples Money Management LLC purchased a new position in shares of Paychex during the 4th quarter worth $162,000. Zhang Financial LLC boosted its stake in Paychex by 4.8% in the 4th quarter. Zhang Financial LLC now owns 2,673 shares of the business services provider’s stock worth $318,000 after buying an additional 122 shares during the last quarter. Lafayette Investments Inc. boosted its stake in Paychex by 1.2% in the 4th quarter. Lafayette Investments Inc. now owns 87,739 shares of the business services provider’s stock worth $10,451,000 after buying an additional 1,000 shares during the last quarter. AIA Group Ltd grew its holdings in Paychex by 8.8% in the 4th quarter. AIA Group Ltd now owns 19,605 shares of the business services provider’s stock valued at $2,335,000 after buying an additional 1,592 shares during the period. Finally, Twin Capital Management Inc. increased its stake in shares of Paychex by 4.6% during the 4th quarter. Twin Capital Management Inc. now owns 32,739 shares of the business services provider’s stock valued at $3,900,000 after acquiring an additional 1,435 shares during the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $119.52 on Monday. 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 1-year low of $104.09 and a 1-year high of $129.70. The company has a market capitalization of $43.02 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 3.37 and a beta of 0.93. The business has a 50-day moving average of $122.03 and a 200-day moving average of $120.26.

Paychex (NASDAQ:PAYX – Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. Paychex’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 EPS. On average, equities analysts anticipate that Paychex, Inc. will post 4.71 EPS for the current fiscal year.

Paychex announced that its Board of Directors has initiated a share buyback program on Friday, January 19th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, VP Mark Anthony Bottini sold 15,481 shares of Paychex 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 of the company’s stock, valued at approximately $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PAYX shares. Evercore ISI reissued an “in-line” rating and issued a $118.00 target price on shares of Paychex in a research report on Tuesday, March 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research note on Wednesday, April 3rd. Citigroup dropped their price objective on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, December 26th. Wedbush reiterated a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Finally, Bank of America upped their price target on Paychex from $108.00 to $111.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $123.00.

View Our Latest Report on PAYX

About Paychex

(Free Report)

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.

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