Dohj LLC Has $386,000 Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Dohj LLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,242 shares of the business services provider’s stock after buying an additional 97 shares during the period. Dohj LLC’s holdings in Paychex were worth $386,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PAYX. Federated Hermes Inc. lifted its position in Paychex by 337.3% during the 3rd quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock valued at $178,162,000 after purchasing an additional 1,191,539 shares during the period. Ameriprise Financial Inc. increased its stake in Paychex by 229.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,630,944 shares of the business services provider’s stock worth $188,655,000 after purchasing an additional 1,136,456 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Paychex by 8.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock worth $1,306,849,000 after purchasing an additional 927,584 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Paychex by 26.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock worth $303,441,000 after purchasing an additional 554,968 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Paychex by 218.8% during the 4th quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after purchasing an additional 466,890 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Evercore ISI reaffirmed an “in-line” rating and set a $118.00 price target on shares of Paychex in a research report on Tuesday, March 26th. Wedbush reaffirmed a “neutral” rating and set a $115.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Wednesday, April 3rd. TD Cowen reduced their price target on Paychex from $122.00 to $121.00 and set a “hold” rating for the company in a research report on Wednesday, April 3rd. Finally, Bank of America increased their price objective on Paychex from $108.00 to $111.00 and gave the company an “underperform” rating in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. Based on data from MarketBeat, Paychex presently has an average rating of “Hold” and an average target price of $123.00.

Paychex Stock Performance

PAYX stock traded down $2.00 during trading hours on Friday, hitting $119.97. 2,400,533 shares of the stock were exchanged, compared to its average volume of 2,120,168. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $43.18 billion, a P/E ratio of 26.14, a P/E/G ratio of 3.44 and a beta of 0.93. The company has a 50-day simple moving average of $121.94 and a two-hundred day simple moving average of $120.36. Paychex, Inc. has a 12 month low of $104.09 and a 12 month high of $129.70.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.01. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Paychex had a return on equity of 46.14% and a net margin of 31.86%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.29 EPS. On average, analysts forecast that Paychex, Inc. will post 4.71 earnings per share for the current fiscal year.

Paychex announced that its Board of Directors has approved a share buyback plan on Friday, January 19th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.