Resona Asset Management Co. Ltd. Invests $15.21 Million in Paychex, Inc. (NASDAQ:PAYX)

Resona Asset Management Co. Ltd. bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 108,343 shares of the business services provider's stock, valued at approximately $15,207,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal London Asset Management Ltd. grew its holdings in Paychex by 2.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 187,663 shares of the business services provider's stock worth $25,182,000 after buying an additional 4,157 shares in the last quarter. Miracle Mile Advisors LLC boosted its position in Paychex by 91.1% during the 4th quarter. Miracle Mile Advisors LLC now owns 10,808 shares of the business services provider's stock worth $1,515,000 after acquiring an additional 5,153 shares during the period. MML Investors Services LLC grew its stake in shares of Paychex by 6.5% in the third quarter. MML Investors Services LLC now owns 329,080 shares of the business services provider's stock worth $44,159,000 after purchasing an additional 20,064 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Paychex by 2.8% during the third quarter. Franklin Resources Inc. now owns 997,930 shares of the business services provider's stock valued at $142,055,000 after purchasing an additional 27,296 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its stake in shares of Paychex by 120.0% during the fourth quarter. Jones Financial Companies Lllp now owns 6,936 shares of the business services provider's stock valued at $973,000 after purchasing an additional 3,783 shares in the last quarter. Institutional investors own 83.47% of the company's stock.

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Paychex Stock Up 0.8 %

Shares of PAYX traded up $1.17 during midday trading on Friday, reaching $145.58. 572,894 shares of the stock were exchanged, compared to its average volume of 1,915,755. The company has a market cap of $52.44 billion, a price-to-earnings ratio of 30.63, a P/E/G ratio of 4.10 and a beta of 0.88. 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 12-month low of $115.40 and a 12-month high of $158.37. The firm has a 50 day simple moving average of $148.17 and a 200-day simple moving average of $144.20.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, March 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, beating 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 company's revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.38 earnings per share. Research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Wall Street Analyst Weigh In

PAYX has been the topic of several research analyst reports. UBS Group raised their target price on shares of Paychex from $152.00 to $155.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Stifel Nicolaus raised their price objective on shares of Paychex from $141.00 to $156.00 and gave the company a "hold" rating in a research note on Thursday, March 27th. Barclays increased their price target on Paychex from $140.00 to $155.00 and gave the company an "equal weight" rating in a research note on Monday, March 31st. Citigroup boosted their price objective on Paychex from $145.00 to $158.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Finally, Cfra Research raised Paychex to 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 assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $141.00.

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.