Sterling Capital Management LLC Increases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Sterling Capital Management LLC increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 42.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,182 shares of the business services provider's stock after purchasing an additional 4,194 shares during the quarter. Sterling Capital Management LLC's holdings in Paychex were worth $1,989,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Heritage Trust Co acquired a new stake in shares of Paychex during the fourth quarter worth $941,000. Argent Trust Co lifted its position in Paychex by 1.4% in the fourth quarter. Argent Trust Co now owns 8,100 shares of the business services provider's stock valued at $1,136,000 after purchasing an additional 108 shares during the period. Treasurer of the State of North Carolina boosted its holdings in Paychex by 46.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 205,198 shares of the business services provider's stock valued at $28,773,000 after purchasing an additional 64,640 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of Paychex by 35.2% during the 4th quarter. Neuberger Berman Group LLC now owns 559,221 shares of the business services provider's stock worth $78,414,000 after buying an additional 145,567 shares in the last quarter. Finally, F M Investments LLC acquired a new stake in shares of Paychex in the 4th quarter valued at approximately $306,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Cfra Research raised Paychex to a "hold" rating in a report on Thursday, March 27th. Barclays upped their price target on shares of Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Monday, March 31st. Morgan Stanley increased their price target on shares of Paychex from $137.00 to $142.00 and gave the company an "equal weight" rating in a report on Thursday, March 27th. Royal Bank of Canada reissued a "sector perform" rating and set a $148.00 price objective on shares of Paychex in a report on Friday, December 20th. Finally, UBS Group increased their target price on shares of Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat, Paychex currently has a consensus rating of "Hold" and an average target price of $141.00.

Insider Transactions at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now owns 78,455 shares of the company's stock, valued at $11,709,408.75. This represents a 4.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 11.40% of the company's stock.

Paychex Price Performance

Shares of PAYX traded down $0.67 during mid-day trading on Friday, reaching $144.90. 2,148,167 shares of the company's stock were exchanged, compared to its average volume of 1,912,886. 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, Inc. has a 52-week low of $115.40 and a 52-week high of $158.37. The company has a market cap of $52.19 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 4.10 and a beta of 0.88. The company has a 50-day simple moving average of $147.94 and a two-hundred day simple moving average of $144.62.

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

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.