Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Paychex, Inc. (NASDAQ:PAYX)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 71.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 96,795 shares of the business services provider's stock after acquiring an additional 40,243 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Paychex were worth $11,529,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Griffin Asset Management Inc. raised its holdings in shares of Paychex by 0.5% during the fourth quarter. Griffin Asset Management Inc. now owns 18,225 shares of the business services provider's stock worth $2,171,000 after purchasing an additional 88 shares during the last quarter. Roman Butler Fullerton & Co. raised its stake in shares of Paychex by 2.3% during the 3rd quarter. Roman Butler Fullerton & Co. now owns 4,003 shares of the business services provider's stock valued at $472,000 after buying an additional 91 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Paychex by 6.3% during the 1st quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider's stock valued at $209,000 after buying an additional 91 shares during the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Paychex by 5.1% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,908 shares of the business services provider's stock valued at $227,000 after buying an additional 92 shares during the period. Finally, SVB Wealth LLC boosted its stake in shares of Paychex by 1.1% in the first quarter. SVB Wealth LLC now owns 8,849 shares of the business services provider's stock worth $1,208,000 after buying an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Paychex Trading Up 1.5 %

PAYX stock traded up $1.73 during trading on Friday, reaching $119.52. 2,643,302 shares of the stock were exchanged, compared to its average volume of 2,090,025. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of 26.04, a P/E/G ratio of 3.32 and a beta of 0.93. The business has a 50 day moving average price of $122.03 and a 200-day moving average price of $120.22. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.37 by $0.01. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The company's revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, research analysts predict that Paychex, Inc. will post 4.71 earnings per share for the current year.

Paychex announced that its board has approved a stock buyback program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the business's stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. TD Cowen lowered their price target on shares of Paychex from $122.00 to $121.00 and set a "hold" rating on the stock in a report on Wednesday, April 3rd. Evercore ISI restated an "in-line" rating and set a $118.00 target price on shares of Paychex in a research report on Tuesday, March 26th. Barclays reduced their price target on Paychex from $126.00 to $120.00 and set an "equal weight" rating for the company in a report on Friday, December 22nd. Royal Bank of Canada reissued a "sector perform" rating and issued a $130.00 price objective on shares of Paychex in a report on Wednesday, April 3rd. Finally, Bank of America upped their target price on Paychex from $108.00 to $111.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, Paychex currently has a consensus rating of "Hold" and an average price target of $123.00.

About Paychex

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.