Palmer Knight Co Purchases 13,950 Shares of Paychex, Inc. $PAYX

Palmer Knight Co increased its stake in Paychex, Inc. by 22.9% in the fourth quarter, purchasing an additional 13,950 shares to hold a total of 74,776 shares valued at approximately $8.39 million. This makes Paychex the firm’s fourth-largest holding. Despite this increase in institutional ownership (83.47% of the stock), Wall Street analysts have a “Reduce” consensus rating with an average price target of $106.38. Paychex recently reported strong quarterly earnings, beating estimates, raising its dividend to $1.19 (5.1% yield), and authorizing a $1.0 billion share repurchase program.

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