Paychex, Inc. (PAYX) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 49.2% during the 4th quarter, HoldingsChannel reports. The fund owned 17,844 shares of the business services provider’s stock after selling 17,280 shares during the quarter. Private Advisor Group LLC’s holdings in Paychex were worth $1,218,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Paychex by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after acquiring an additional 64,254 shares in the last quarter. Legal & General Group Plc raised its stake in Paychex by 4.0% during the 3rd quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock worth $121,718,000 after acquiring an additional 78,937 shares in the last quarter. Swiss National Bank raised its stake in Paychex by 1.6% during the 4th quarter. Swiss National Bank now owns 1,882,803 shares of the business services provider’s stock worth $128,181,000 after acquiring an additional 29,500 shares in the last quarter. Confluence Investment Management LLC raised its stake in Paychex by 1.9% during the 4th quarter. Confluence Investment Management LLC now owns 1,735,799 shares of the business services provider’s stock worth $118,173,000 after acquiring an additional 31,635 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Paychex by 4.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,629,308 shares of the business services provider’s stock worth $110,924,000 after acquiring an additional 69,313 shares in the last quarter. Hedge funds and other institutional investors own 67.98% of the company’s stock.

PAYX has been the topic of several research analyst reports. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Stifel Nicolaus reiterated a “hold” rating and set a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. Bank of America lifted their price target on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. BMO Capital Markets reiterated a “hold” rating and set a $70.00 price target on shares of Paychex in a research note on Wednesday, January 24th. Finally, Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research note on Monday, December 4th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $62.77.

Paychex, Inc. (NASDAQ:PAYX) opened at $66.81 on Monday. Paychex, Inc. has a 52-week low of $54.20 and a 52-week high of $73.10. The stock has a market cap of $23,997.22, a price-to-earnings ratio of 28.67, a price-to-earnings-growth ratio of 3.59 and a beta of 0.94.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The company had revenue of $826.50 million for the quarter, compared to the consensus estimate of $823.48 million. During the same period last year, the firm posted $0.56 EPS. Paychex’s revenue for the quarter was up 7.1% on a year-over-year basis. analysts anticipate that Paychex, Inc. will post 2.39 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.99%. The ex-dividend date was Wednesday, January 31st. Paychex’s payout ratio is currently 85.84%.

In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the transaction, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.

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Paychex Profile

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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