Silver Lake Advisory LLC Has $6.10 Million Position in Paychex, Inc. (NASDAQ:PAYX)

Silver Lake Advisory LLC boosted its stake in Paychex, Inc. (NASDAQ:PAYX) by 4.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,224 shares of the business services provider’s stock after acquiring an additional 2,367 shares during the quarter. Paychex accounts for 3.4% of Silver Lake Advisory LLC’s portfolio, making the stock its 5th largest position. Silver Lake Advisory LLC’s holdings in Paychex were worth $6,101,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Federated Hermes Inc. lifted its stake in Paychex by 337.3% in the third quarter. Federated Hermes Inc. now owns 1,544,806 shares of the business services provider’s stock valued at $178,162,000 after acquiring an additional 1,191,539 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of 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 holdings in Paychex by 8.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 11,331,387 shares of the business services provider’s stock valued at $1,306,849,000 after buying an additional 927,584 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Paychex by 26.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,631,066 shares of the business services provider’s stock valued at $303,441,000 after buying an additional 554,968 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of 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 acquiring an additional 466,890 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 1.1 %

PAYX stock traded down $1.29 during trading on Thursday, reaching $118.12. 508,710 shares of the stock were exchanged, compared to its average volume of 1,796,736. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a twelve month low of $104.09 and a twelve month high of $129.70. The firm’s 50 day moving average is $121.69 and its 200 day moving average is $120.40. The firm has a market cap of $42.52 billion, a P/E ratio of 26.02, a price-to-earnings-growth ratio of 3.35 and a beta of 0.93.

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

Paychex declared that its board has approved a share repurchase plan on Friday, January 19th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the business services provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

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.