NJ State Employees Deferred Compensation Plan continued to hold its stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the business services provider’s stock at the end of the second quarter. NJ State Employees Deferred Compensation Plan’s holdings in Paychex were worth $1,139,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Northwest Quadrant Wealth Management LLC boosted its position in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the last quarter. Burney Co. boosted its position in shares of Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after buying an additional 813,930 shares during the last quarter. 68.60% of the stock is owned by institutional investors and hedge funds.

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

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

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

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

In other news, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the completion of the transaction, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,497 shares of company stock valued at $5,300,889. 11.60% of the stock is currently owned by company 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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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