GAMMA Investing LLC Has $603,000 Holdings in Paychex, Inc. (NASDAQ:PAYX)

GAMMA Investing LLC grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 21.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,491 shares of the business services provider’s stock after purchasing an additional 783 shares during the period. GAMMA Investing LLC’s holdings in Paychex were worth $603,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PAYX. Meeder Asset Management Inc. grew its position in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 163 shares in the last quarter. ORG Partners LLC increased its stake in shares of Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after acquiring an additional 173 shares during the last quarter. ESL Trust Services LLC purchased a new stake in shares of Paychex during the first quarter worth $31,000. Chilton Capital Management LLC acquired a new stake in Paychex during the first quarter valued at $31,000. Finally, American National Bank grew its stake in Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Paychex news, CEO John B. Gibson sold 12,670 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the completion of the sale, the chief executive officer now directly owns 55,745 shares of the company’s stock, valued at $6,663,199.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO John B. Gibson sold 12,670 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the transaction, the chief executive officer now directly owns 55,745 shares in the company, valued at $6,663,199.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael E. Gioja sold 14,731 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,404 shares of company stock valued at $7,686,345. 11.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

PAYX has been the subject of a number of recent research reports. TD Cowen raised their price target on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their target price on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group boosted their target price on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus raised their price target on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley upped their price objective on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $130.77.

Paychex Stock Up 0.5 %

PAYX stock opened at $138.16 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.37. The company has a 50-day moving average of $130.66 and a two-hundred day moving average of $124.97. The stock has a market capitalization of $49.73 billion, a price-to-earnings ratio of 29.60, a price-to-earnings-growth ratio of 3.82 and a beta of 1.00. Paychex, Inc. has a 52-week low of $106.27 and a 52-week high of $142.04.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

About Paychex

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.