IHT Wealth Management LLC Sells 1,799 Shares of Paychex, Inc. (NASDAQ:PAYX)

IHT Wealth Management LLC decreased its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 17.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,258 shares of the business services provider's stock after selling 1,799 shares during the quarter. IHT Wealth Management LLC's holdings in Paychex were worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of PAYX. Meeder Asset Management Inc. grew its holdings in shares of Paychex by 220.7% during the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after purchasing an additional 128 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Paychex during the fourth quarter valued at about $28,000. WealthTrak Capital Management LLC purchased a new position in shares of Paychex in the fourth quarter worth about $28,000. Millstone Evans Group LLC purchased a new position in shares of Paychex in the fourth quarter worth about $33,000. Finally, Avion Wealth grew its position in Paychex by 469.8% during the 4th quarter. Avion Wealth now owns 245 shares of the business services provider's stock worth $34,000 after acquiring an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Paychex Price Performance

PAYX traded up $1.85 during trading hours on Tuesday, hitting $146.01. The company's stock had a trading volume of 622,510 shares, compared to its average volume of 1,913,694. Paychex, Inc. has a 12 month low of $115.40 and a 12 month high of $158.37. The stock has a market cap of $52.59 billion, a price-to-earnings ratio of 30.73, a P/E/G ratio of 4.10 and a beta of 0.88. The business's 50-day moving average price is $147.34 and its 200-day moving average price is $144.87. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20.

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

Analysts Set New Price Targets

Several brokerages have weighed in on PAYX. Citigroup increased their price objective on Paychex from $145.00 to $158.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. UBS Group increased their price target on shares of Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Morgan Stanley upped 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. Barclays raised their target price on Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Monday, March 31st. Finally, Stifel Nicolaus boosted their target price on Paychex from $141.00 to $156.00 and gave the company a "hold" rating in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $141.00.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now directly owns 78,455 shares of the company's stock, valued at approximately $11,709,408.75. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.40% of the company's stock.

Paychex Company 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.