Paychex, Inc. (NASDAQ:PAYX) Stake Lessened by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. lessened its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 30.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 174,246 shares of the business services provider's stock after selling 77,900 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Paychex were worth $24,433,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PAYX. Raymond James Financial Inc. acquired a new position in Paychex in the fourth quarter valued at approximately $184,216,000. Amundi lifted its holdings in shares of Paychex by 77.9% in the 4th quarter. Amundi now owns 1,534,145 shares of the business services provider's stock worth $215,164,000 after purchasing an additional 672,010 shares during the last quarter. Schroder Investment Management Group boosted its position in Paychex by 86.5% during the 4th quarter. Schroder Investment Management Group now owns 1,355,713 shares of the business services provider's stock valued at $189,746,000 after purchasing an additional 628,912 shares during the period. Proficio Capital Partners LLC grew its stake in Paychex by 30,382.8% during the 4th quarter. Proficio Capital Partners LLC now owns 568,809 shares of the business services provider's stock worth $79,758,000 after buying an additional 566,943 shares during the last quarter. Finally, Norges Bank acquired a new stake in Paychex in the fourth quarter worth $78,215,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PAYX shares. UBS Group upped their price target on shares of Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 4th. Cfra Research upgraded shares of Paychex to a "hold" rating in a research note on Thursday, March 27th. Barclays boosted their price objective on Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research report on Monday, March 31st. Morgan Stanley lifted their target price on Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a research note on Thursday, March 27th. Finally, Stifel Nicolaus increased their price target on Paychex from $141.00 to $156.00 and gave the stock 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $141.00.

Paychex Price Performance

NASDAQ PAYX traded up $0.95 on Monday, reaching $144.16. The company's stock had a trading volume of 2,228,902 shares, compared to its average volume of 1,918,841. Paychex, Inc. has a twelve month low of $115.40 and a twelve month high of $158.37. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.39 and a current ratio of 1.39. The firm's 50 day moving average is $147.34 and its two-hundred day moving average is $144.87. The stock has a market cap of $51.93 billion, a PE ratio of 30.35, a PEG ratio of 4.10 and a beta of 0.88.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results 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. The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.51 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the firm posted $1.38 earnings per share. As a group, sell-side analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Insider Activity

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 stock was sold at an average price of $149.25, for a total transaction of $544,762.50. Following the sale, the director now owns 78,455 shares in the company, valued at approximately $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 accessible through this hyperlink. 11.40% of the stock is currently owned by company insiders.

About Paychex

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.