Sullivan Bruyette Speros & Blaney LLC boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,668 shares of the business services provider’s stock after buying an additional 1,088 shares during the period. Sullivan Bruyette Speros & Blaney LLC’s holdings in Paychex were worth $437,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Clarkston Capital Partners LLC boosted its position in shares of Paychex by 2.1% in the first quarter. Clarkston Capital Partners LLC now owns 155,741 shares of the business services provider’s stock worth $9,173,000 after buying an additional 3,135 shares during the last quarter. Breton Hill Capital Ltd. boosted its position in shares of Paychex by 4.1% in the first quarter. Breton Hill Capital Ltd. now owns 4,337 shares of the business services provider’s stock worth $255,000 after buying an additional 171 shares during the last quarter. Asset Advisors Corp boosted its position in shares of Paychex by 4.1% in the first quarter. Asset Advisors Corp now owns 241,525 shares of the business services provider’s stock worth $14,226,000 after buying an additional 9,600 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Paychex by 44.9% in the first quarter. Russell Investments Group Ltd. now owns 120,718 shares of the business services provider’s stock worth $7,113,000 after buying an additional 37,420 shares during the last quarter. Finally, Gamble Jones Investment Counsel boosted its position in shares of Paychex by 1.0% in the first quarter. Gamble Jones Investment Counsel now owns 17,767 shares of the business services provider’s stock worth $1,046,000 after buying an additional 181 shares during the last quarter. Institutional investors own 67.30% of the company’s stock.

Paychex, Inc. (PAYX) opened at 56.59 on Wednesday. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The stock has a market cap of $20.34 billion, a P/E ratio of 25.15 and a beta of 0.96. The stock’s 50 day moving average price is $56.48 and its 200-day moving average price is $58.68.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate 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 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.53%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. Paychex’s dividend payout ratio is currently 88.50%.

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A number of equities analysts recently issued reports on PAYX shares. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus restated a “hold” rating and issued a $61.00 target price on shares of Paychex in a report on Friday, August 18th. BMO Capital Markets restated a “hold” rating and issued a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $59.28.

In other news, VP Laurie L. Zaucha sold 2,884 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.39, for a total transaction of $165,512.76. Following the transaction, the vice president now owns 32,906 shares in the company, valued at $1,888,475.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 in the last quarter. Company 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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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