Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co boosted its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 33.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 662,722 shares of the business services provider's stock after purchasing an additional 165,982 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.18% of Paychex worth $92,889,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Miracle Mile Advisors LLC grew its position in Paychex by 91.1% in the 4th quarter. Miracle Mile Advisors LLC now owns 10,808 shares of the business services provider's stock valued at $1,515,000 after buying an additional 5,153 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Paychex by 2.8% in the third quarter. Franklin Resources Inc. now owns 997,930 shares of the business services provider's stock valued at $142,055,000 after purchasing an additional 27,296 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Paychex by 120.0% in the 4th quarter. Jones Financial Companies Lllp now owns 6,936 shares of the business services provider's stock valued at $973,000 after purchasing an additional 3,783 shares during the period. PFW Advisors LLC purchased a new stake in Paychex in the 4th quarter worth approximately $2,405,000. Finally, Principal Financial Group Inc. grew its stake in Paychex by 3.3% in the third quarter. Principal Financial Group Inc. now owns 424,160 shares of the business services provider's stock valued at $56,918,000 after purchasing an additional 13,702 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

Paychex Price Performance

Shares of NASDAQ PAYX traded down $0.41 during mid-day trading on Wednesday, reaching $142.88. 952,362 shares of the company were exchanged, compared to its average volume of 1,909,230. The stock has a market capitalization of $51.46 billion, a PE ratio of 30.08, a PEG ratio of 4.10 and a beta of 0.88. Paychex, Inc. has a 52 week low of $115.40 and a 52 week high of $158.37. The company's 50 day moving average price is $147.71 and its 200 day moving average price is $144.68. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.49 earnings per share for the quarter, topping analysts' consensus estimates of $1.48 by $0.01. Paychex had a return on equity of 45.28% and a net margin of 32.02%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company earned $1.38 EPS. The business's quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Insider Activity at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the sale, the director now directly owns 78,455 shares of the company's stock, valued at $11,709,408.75. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PAYX shares. Cfra Research raised Paychex to a "hold" rating in a research report on Thursday, March 27th. Morgan Stanley increased their price objective on shares of Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research note on Thursday, March 27th. Citigroup upped their price target on Paychex from $145.00 to $158.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Barclays increased their price target on Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research report on Monday, March 31st. Finally, Stifel Nicolaus upped their target price on shares of Paychex from $141.00 to $156.00 and gave the stock a "hold" rating in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $141.00.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.