Hilltop Holdings Inc. increased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 69.9% during the second quarter, HoldingsChannel reports. The firm owned 5,712 shares of the business services provider’s stock after purchasing an additional 2,351 shares during the period. Hilltop Holdings Inc.’s holdings in Paychex were worth $390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Independence Bank of Kentucky raised its holdings in shares of Paychex by 12.9% during the second quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock valued at $429,000 after acquiring an additional 715 shares during the period. Univest Corp of Pennsylvania raised its holdings in shares of Paychex by 13.1% during the second quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock valued at $427,000 after acquiring an additional 725 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Paychex by 1.2% during the second quarter. Envestnet Asset Management Inc. now owns 61,741 shares of the business services provider’s stock valued at $4,220,000 after acquiring an additional 744 shares during the period. Redmond Asset Management LLC raised its holdings in shares of Paychex by 9.0% during the second quarter. Redmond Asset Management LLC now owns 9,056 shares of the business services provider’s stock valued at $619,000 after acquiring an additional 750 shares during the period. Finally, Chemical Bank raised its holdings in shares of Paychex by 9.4% during the second quarter. Chemical Bank now owns 9,008 shares of the business services provider’s stock valued at $616,000 after acquiring an additional 775 shares during the period. Institutional investors and hedge funds own 66.99% of the company’s stock.

In related news, VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total transaction of $3,472,875.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Martin Mucci sold 74,742 shares of the business’s stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $69.66, for a total transaction of $5,206,527.72. Following the transaction, the chief executive officer now directly owns 276,754 shares in the company, valued at $19,278,683.64. The disclosure for this sale can be found here. Insiders have sold 248,559 shares of company stock worth $17,599,054 over the last ninety days. 11.70% of the stock is currently owned by insiders.

A number of equities research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 8th. Guggenheim assumed coverage on shares of Paychex in a report on Monday, August 20th. They set a “neutral” rating and a $75.00 price target on the stock. JPMorgan Chase & Co. lowered shares of Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 price target on the stock. in a report on Tuesday, August 14th. Credit Suisse Group assumed coverage on shares of Paychex in a report on Friday, August 10th. They set a “neutral” rating and a $72.00 price target on the stock. Finally, Wolfe Research assumed coverage on shares of Paychex in a report on Tuesday, July 17th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $68.42.

Shares of PAYX opened at $74.64 on Friday. Paychex, Inc. has a 52 week low of $57.23 and a 52 week high of $74.92. The company has a market cap of $26.76 billion, a P/E ratio of 29.27, a P/E/G ratio of 3.20 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company had revenue of $871.10 million for the quarter, compared to analysts’ expectations of $868.60 million. During the same period in the previous year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. equities analysts anticipate that Paychex, Inc. will post 2.84 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Tuesday, July 31st. Paychex’s payout ratio is presently 87.84%.

Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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