Zurcher Kantonalbank Zurich Cantonalbank Has $20.03 Million Stake in Paychex, Inc. $PAYX

Key Points

• Zurcher Kantonalbank increased its Paychex stake by 28.8% to 178,571 shares, valued at about $20.03 million.
• Paychex beat quarterly expectations with $1.71 EPS and revenue up 19.9% year‑over‑year, and its board authorized a $1.0 billion share buyback (up to 2.5% of shares).
• Analyst sentiment is cautious — MarketBeat shows a consensus rating of "Reduce" with a $106.38 target — while the stock trades near $93.43, below its 200‑day moving average.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 28.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,571 shares of the business services provider's stock after buying an additional 39,904 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Paychex were worth $20,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Paychex by 26.3% in the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock valued at $801,000 after purchasing an additional 1,190 shares during the period. Bison Wealth LLC raised its position in shares of Paychex by 3.0% in the fourth quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider's stock valued at $566,000 after purchasing an additional 117 shares during the period. Woodline Partners LP bought a new position in shares of Paychex in the first quarter valued at about $3,333,000. NewEdge Advisors LLC lifted its position in Paychex by 3.2% during the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider's stock worth $5,976,000 after acquiring an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Paychex by 47.1% during the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider's stock worth $22,790,000 after acquiring an additional 50,169 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Down 0.3%

PAYX stock opened at $93.43 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The company's 50-day simple moving average is $92.52 and its 200 day simple moving average is $105.96. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $161.24. The company has a market capitalization of $33.48 billion, a PE ratio of 20.58 and a beta of 0.88.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.67 by $0.04. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the company posted $1.49 earnings per share. Paychex's revenue was up 19.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paychex, Inc. will post 5.5 earnings per share for the current year.

Paychex announced that its board has authorized a stock buyback program on Friday, January 16th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the business services provider to buy up to 2.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Paychex from $116.00 to $95.00 and set an "underweight" rating for the company in a research report on Thursday, March 26th. TD Cowen cut their price objective on shares of Paychex from $95.00 to $94.00 and set a "hold" rating for the company in a research report on Tuesday, April 7th. Robert W. Baird decreased their price target on shares of Paychex from $148.00 to $125.00 and set a "neutral" rating on the stock in a research note on Thursday, March 26th. BMO Capital Markets upped their price target on shares of Paychex to $52.00 and gave the company an "outperform" rating in a research note on Thursday, March 26th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Paychex in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $106.38.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas "Tom" Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company's core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers' compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.