Select Equity Group, L.P. Reduces $206M in Paychex, Inc. ($PAYX)
Key Points
- Select Equity Group, L.P. changed its Paychex, Inc. ($PAYX) stake by 35.8% last quarter, cutting to 3,670,073 shares worth $369.32 million.
- Wall Street's consensus rating on $PAYX is Hold and an average price target of $102.14.
- $PAYX last traded around $100.63.
Select Equity Group, L.P. reduced its position in Paychex, Inc. ($PAYX) by 35.8% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,670,073 shares of Paychex, Inc. after selling 2,046,164 shares during the quarter. Select Equity Group, L.P.'s holdings in Paychex, Inc. were worth $369.32 million as of its most recent filing.
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About Paychex, Inc.
Paychex, Inc., together with its subsidiaries, provides human capital management solutions (HCM) for payroll, employee 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. The company provides retirement solutions, such as plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services; HCM solutions from recruiting and hiring to retirement; and talent management and talent acquisition services. In addition, it offers payroll solutions, including calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and management reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients' payroll obligations. Further, the company provides workforce management solutions; benefits administration solutions; digital marketplace for earned wages, financial wellness solutions, and voluntary lifestyle benefits; HR support to non-payroll clients through HR Partner Plus solution; and insurance services for property and casualty coverage, such as workers' compensation, business-owner policies, cyber security protection, and commercial auto, as well as health and benefits coverage, including health, dental, vision, and life. Additionally, it offers payroll, employer compliance, HR and employee benefits administration, risk management outsourcing, and both virtual and on-site availability of a professionally trained HR representative, and other solutions to businesses. It markets and sells its services primarily through its direct sales force. The company was founded in 1971 and is headquartered in Rochester, New York.
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