Advisor Group Inc. grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,902 shares of the business services provider’s stock after purchasing an additional 4,732 shares during the period. Advisor Group Inc.’s holdings in Paychex were worth $2,849,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Elkhorn Investments LLC lifted its stake in Paychex by 1.7% during the second quarter. Elkhorn Investments LLC now owns 20,510 shares of the business services provider’s stock worth $1,150,000 after purchasing an additional 343 shares in the last quarter. Glenview Trust Co raised its stake in shares of Paychex by 1.5% in the second quarter. Glenview Trust Co now owns 10,375 shares of the business services provider’s stock valued at $591,000 after acquiring an additional 150 shares in the last quarter. Cibc World Markets Corp raised its stake in shares of Paychex by 105.5% in the second quarter. Cibc World Markets Corp now owns 71,912 shares of the business services provider’s stock valued at $4,095,000 after acquiring an additional 36,916 shares in the last quarter. Suntrust Banks Inc. raised its stake in shares of Paychex by 10.1% in the second quarter. Suntrust Banks Inc. now owns 88,402 shares of the business services provider’s stock valued at $5,031,000 after acquiring an additional 8,113 shares in the last quarter. Finally, W.G. Shaheen & Associates DBA Whitney & Co raised its stake in shares of Paychex by 4.2% in the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 153,754 shares of the business services provider’s stock valued at $8,755,000 after acquiring an additional 6,213 shares in the last quarter. Institutional investors own 67.31% of the company’s stock.

Several analysts have recently issued reports on PAYX shares. Wedbush reiterated a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Robert W. Baird reduced their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Finally, Morgan Stanley reduced their price objective on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company. Paychex has a consensus rating of “Hold” and a consensus price target of $59.28.

In other Paychex news, CEO Martin Mucci sold 33,294 shares of the business’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now owns 254,618 shares in the company, valued at approximately $14,615,073.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the transaction, the director now owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock worth $5,300,889 in the last quarter. 11.70% of the stock is currently owned by company insiders.

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Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 59.75 on Monday. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The firm has a 50-day moving average price of $56.38 and a 200-day moving average price of $58.35. The firm has a market capitalization of $21.47 billion, a PE ratio of 26.56 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The firm had revenue of $799.00 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter in the previous year, the business posted $0.49 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, analysts forecast that Paychex, Inc. will post $2.37 EPS for the current fiscal year.

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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