First Manhattan Co. continued to hold its stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,335 shares of the business services provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Paychex were worth $189,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PAYX. Parkside Financial Bank & Trust increased its stake in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC increased its stake in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Koshinski Asset Management Inc. bought a new stake in shares of Paychex during the second quarter valued at about $201,000. Denver Investment Advisors LLC increased its stake in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the period. Finally, King Wealth Management Group LLC increased its stake in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 68.60% of the company’s stock.

Paychex, Inc. (PAYX) opened at 54.24 on Friday. The firm has a 50-day moving average price of $57.04 and a 200 day moving average price of $59.00. The stock has a market cap of $19.49 billion, a PE ratio of 24.11 and a beta of 0.96. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 EPS. On average, analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be issued a $0.50 dividend. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.69%.

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PAYX has been the subject of several recent research reports. BMO Capital Markets reiterated a “hold” rating and set a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Wedbush reiterated a “neutral” rating and set a $61.25 price target (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average price target of $59.16.

In related news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the sale, the vice president now owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the sale, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. In the last three months, insiders sold 92,497 shares of company stock valued at $5,300,889. Corporate insiders own 11.60% of the company’s stock.

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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