Beacon Investment Advisory Services Inc. Decreases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Beacon Investment Advisory Services Inc. cut its stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,602 shares of the business services provider’s stock after selling 2,071 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Paychex were worth $3,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Paychex by 1.0% in the 3rd quarter. BlackRock Inc. now owns 30,409,923 shares of the business services provider’s stock worth $3,419,596,000 after purchasing an additional 297,980 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Paychex by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 6,863,934 shares of the business services provider’s stock worth $770,457,000 after purchasing an additional 220,600 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Paychex by 1.5% in the 3rd quarter. Royal Bank of Canada now owns 2,918,909 shares of the business services provider’s stock worth $328,234,000 after purchasing an additional 42,299 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Paychex by 1.5% in the 3rd quarter. California Public Employees Retirement System now owns 2,512,197 shares of the business services provider’s stock worth $282,497,000 after purchasing an additional 38,014 shares in the last quarter. Finally, London Co. of Virginia increased its stake in shares of Paychex by 2.7% in the 3rd quarter. London Co. of Virginia now owns 2,394,823 shares of the business services provider’s stock worth $269,298,000 after purchasing an additional 61,860 shares in the last quarter. Institutional investors and hedge funds own 80.08% of the company’s stock.

A number of brokerages have issued reports on PAYX. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 price target for the company in a research note on Wednesday, March 9th. Morgan Stanley increased their price target on Paychex from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 31st. Barclays increased their price target on Paychex from $115.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 23rd. Stifel Nicolaus increased their price target on Paychex from $118.00 to $140.00 and gave the stock a “hold” rating in a research note on Thursday, December 23rd. Finally, Cowen raised shares of Paychex from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $130.00 to $145.00 in a report on Tuesday, January 11th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $127.14.

In other news, VP Michael E. Gioja sold 26,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total transaction of $3,672,760.00. Following the transaction, the vice president now directly owns 52,349 shares of the company’s stock, valued at $7,394,819.74. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Karen E. Saunders-Mcclendon sold 203 shares of the firm’s stock in a transaction that occurred on Friday, April 15th. The stock was sold at an average price of $136.69, for a total transaction of $27,748.07. Following the transaction, the vice president now directly owns 2,994 shares in the company, valued at $409,249.86. The disclosure for this sale can be found here. Corporate insiders own 11.50% of the company’s stock.

Shares of NASDAQ:PAYX traded up $0.23 during trading on Tuesday, reaching $135.98. The company’s stock had a trading volume of 28,929 shares, compared to its average volume of 1,975,723. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. Paychex, Inc. has a 12 month low of $95.91 and a 12 month high of $141.92. The stock has a market capitalization of $49.09 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 4.86 and a beta of 0.99. The firm’s 50 day simple moving average is $126.37 and its two-hundred day simple moving average is $124.61.

Paychex (NASDAQ:PAYXGet Rating) last posted its quarterly earnings data on Wednesday, March 30th. The business services provider reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.10. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the company posted $0.96 EPS. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. Research analysts anticipate that Paychex, Inc. will post 3.75 EPS for the current fiscal year.

Paychex Profile (Get Rating)

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 and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXGet Rating).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.