Canandaigua National Bank & Trust Co. cut its stake in Paychex Inc. (NASDAQ:PAYX) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 101,795 shares of the company’s stock after selling 578 shares during the period. Paychex comprises approximately 1.7% of Canandaigua National Bank & Trust Co.’s holdings, making the stock its 11th largest position. Canandaigua National Bank & Trust Co.’s holdings in Paychex were worth $6,057,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. HL Financial Services LLC increased its position in shares of Paychex by 0.4% in the second quarter. HL Financial Services LLC now owns 183,280 shares of the company’s stock valued at $10,905,000 after buying an additional 808 shares in the last quarter. Investment House LLC increased its position in shares of Paychex by 0.8% in the second quarter. Investment House LLC now owns 126,991 shares of the company’s stock valued at $7,556,000 after buying an additional 985 shares in the last quarter. Pitcairn Co. increased its position in shares of Paychex by 0.5% in the second quarter. Pitcairn Co. now owns 9,851 shares of the company’s stock valued at $586,000 after buying an additional 50 shares in the last quarter. Callahan Advisors LLC increased its position in shares of Paychex by 3.4% in the second quarter. Callahan Advisors LLC now owns 125,911 shares of the company’s stock valued at $7,492,000 after buying an additional 4,168 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of Paychex during the second quarter valued at about $18,437,000. Hedge funds and other institutional investors own 69.61% of the company’s stock.

Paychex Inc. (NASDAQ:PAYX) traded up 1.04% on Tuesday, reaching $59.22. 1,610,475 shares of the company’s stock traded hands. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 28.33 and a beta of 0.82. The stock has a 50 day moving average price of $59.84 and a 200 day moving average price of $56.15. Paychex Inc. has a 12-month low of $45.55 and a 12-month high of $61.87.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, June 30th. The company reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. Paychex had a net margin of 25.64% and a return on equity of 39.54%. The firm had revenue of $753.90 million for the quarter. During the same period in the previous year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. Analysts forecast that Paychex Inc. will post $2.21 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Monday, August 1st were given a $0.46 dividend. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.11%. This is an increase from Paychex’s previous quarterly dividend of $0.42. Paychex’s payout ratio is presently 88.04%.

A number of research analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Paychex in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 price objective on the stock. Zacks Investment Research upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “underweight” rating and set a $49.00 price objective on shares of Paychex in a research report on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 price objective (up previously from $40.00) on shares of Paychex in a research report on Tuesday, July 12th. Finally, Deutsche Bank AG restated a “hold” rating and set a $56.00 price objective (up previously from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Paychex has an average rating of “Hold” and an average price target of $54.00.

In other news, insider Stephanie L. Schaeffer sold 3,438 shares of Paychex stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $61.33, for a total value of $210,852.54. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 65,965 shares of Paychex stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total transaction of $3,999,457.95. Following the completion of the transaction, the chief executive officer now directly owns 246,516 shares in the company, valued at approximately $14,946,265.08. The disclosure for this sale can be found here. 11.30% of the stock is currently owned by insiders.

Paychex Company 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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