Parkside Financial Bank & Trust cut its position in Paychex, Inc. (NASDAQ:PAYX) by 10.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,619 shares of the business services provider’s stock after selling 316 shares during the period. Parkside Financial Bank & Trust’s holdings in Paychex were worth $149,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PAYX. BlackRock Inc. increased its stake in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares during the last quarter. Ameriprise Financial Inc. increased its stake 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. JPMorgan Chase & Co. increased its stake 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. Morgan Stanley increased its stake in shares of Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock worth $164,149,000 after buying an additional 601,496 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares during the last quarter. Hedge funds and other institutional investors own 68.60% of the company’s stock.

Paychex, Inc. (NASDAQ PAYX) opened at 54.91 on Thursday. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03. The stock has a market cap of $19.73 billion, a P/E ratio of 24.40 and a beta of 0.96. The firm’s 50-day moving average price is $57.34 and its 200-day moving average price is $59.08.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current 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 given a dividend of $0.50 per share. This is a boost 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 annualized dividend and a yield of 3.64%.

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A number of analysts have recently commented on PAYX shares. Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Wedbush restated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BidaskClub downgraded Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. J P Morgan Chase & Co restated a “neutral” rating and issued a $60.00 target price (down previously from $62.00) on shares of Paychex in a research note on Friday, June 30th. Finally, William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. Paychex currently has an average rating of “Hold” and a consensus price target of $59.16.

In other news, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the sale, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock worth $5,300,889 in the last quarter. 11.60% of the stock is currently owned by insiders.

About Paychex

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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