Salem Capital Management Inc. Has $1.53 Million Position in Paychex, Inc. (PAYX)
Salem Capital Management Inc. boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,104 shares of the business services provider’s stock after purchasing an additional 460 shares during the quarter. Salem Capital Management Inc.’s holdings in Paychex were worth $1,532,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Lunia Capital LP raised its stake in Paychex by 8,881.0% during the fourth quarter. Lunia Capital LP now owns 10,859,007 shares of the business services provider’s stock worth $10,859,000 after acquiring an additional 10,738,096 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Paychex by 1,614,724.4% during the third quarter. Bank of New York Mellon Corp now owns 8,477,828 shares of the business services provider’s stock worth $624,389,000 after acquiring an additional 8,477,303 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Paychex by 1,672.0% during the third quarter. Glenmede Trust Co. NA now owns 6,357,793 shares of the business services provider’s stock worth $468,250,000 after acquiring an additional 5,999,001 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Paychex by 5,734.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,458,853 shares of the business services provider’s stock worth $84,000 after acquiring an additional 5,365,298 shares in the last quarter. Finally, Norges Bank acquired a new position in Paychex during the fourth quarter worth about $191,026,000. 68.64% of the stock is owned by institutional investors and hedge funds.
Several research analysts have commented on the company. Barclays boosted their target price on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Monday, April 1st. Credit Suisse Group boosted their target price on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. BMO Capital Markets reissued a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. Finally, Bank of America raised Paychex from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $64.00 to $68.00 in a research note on Tuesday, January 8th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Paychex presently has an average rating of “Hold” and a consensus target price of $74.14.
Shares of Paychex stock traded up $0.12 on Monday, hitting $82.28. The stock had a trading volume of 35,614 shares, compared to its average volume of 2,044,371. Paychex, Inc. has a twelve month low of $59.55 and a twelve month high of $82.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $29.56 billion, a P/E ratio of 32.27, a P/E/G ratio of 3.16 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The firm’s revenue was up 14.3% compared to the same quarter last year. Equities analysts anticipate that Paychex, Inc. will post 2.86 EPS for the current year.
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Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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