Wellington Management Group LLP Lowers Stake in Paychex, Inc. (NASDAQ:PAYX)

Wellington Management Group LLP lessened its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 22.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,027 shares of the business services provider's stock after selling 10,352 shares during the quarter. Wellington Management Group LLP's holdings in Paychex were worth $5,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Union Bancaire Privee UBP SA purchased a new stake in shares of Paychex in the fourth quarter worth about $28,000. WealthTrak Capital Management LLC bought a new position in Paychex in the 4th quarter worth $28,000. Millstone Evans Group LLC purchased a new position in shares of Paychex in the 4th quarter valued at approximately $33,000. Avion Wealth raised its holdings in Paychex by 469.8% in the fourth quarter. Avion Wealth now owns 245 shares of the business services provider's stock worth $34,000 after purchasing an additional 202 shares in the last quarter. Finally, MilWealth Group LLC purchased a new position in Paychex during the fourth quarter valued at $35,000. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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Paychex Stock Performance

Shares of PAYX traded up $0.44 during trading hours on Wednesday, hitting $148.06. The stock had a trading volume of 152,287 shares, compared to its average volume of 1,909,868. The firm has a market capitalization of $53.33 billion, a PE ratio of 31.14, a PEG ratio of 4.10 and a beta of 0.88. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. Paychex, Inc. has a 12 month low of $115.40 and a 12 month high of $158.37. The stock has a fifty day moving average price of $148.03 and a 200 day moving average price of $144.51.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.48 by $0.01. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.38 EPS. Analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

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.