Paychex, Inc. (NASDAQ:PAYX) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 1.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 29,967 shares of the business services provider’s stock after buying an additional 446 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Paychex were worth $3,569,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PAYX. Outlook Wealth Advisors LLC acquired a new stake in Paychex during the 4th quarter worth approximately $214,000. Cerity Partners LLC increased its stake in Paychex by 80.2% in the 4th quarter. Cerity Partners LLC now owns 343,269 shares of the business services provider’s stock valued at $40,887,000 after buying an additional 152,818 shares during the period. BKM Wealth Management LLC purchased a new position in Paychex during the 4th quarter worth $1,229,000. Sequoia Financial Advisors LLC lifted its stake in shares of Paychex by 366.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 20,863 shares of the business services provider’s stock worth $2,485,000 after acquiring an additional 16,391 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Paychex by 218.8% in the fourth quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock valued at $80,794,000 after acquiring an additional 466,890 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Paychex news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction dated 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 owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.50% of the company’s stock.

Paychex Stock Performance

NASDAQ PAYX opened at $121.23 on Tuesday. The business’s 50-day moving average price is $122.01 and its 200 day moving average price is $120.30. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The company has a market capitalization of $43.64 billion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 3.37 and a beta of 0.93.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share 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 business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the firm posted $1.29 EPS. The company’s revenue was up 4.2% on a year-over-year basis. On average, research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex announced that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.