Wendell David Associates Inc. lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.1% during the 4th quarter, Holdings Channel reports. The firm owned 52,275 shares of the business services provider’s stock after selling 2,250 shares during the quarter. Wendell David Associates Inc.’s holdings in Paychex were worth $3,559,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Paychex by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after purchasing an additional 589,880 shares during the last quarter. FMR LLC grew its stake in Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after purchasing an additional 610,088 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Paychex by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after buying an additional 64,254 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Paychex by 3.3% in the second quarter. Royal Bank of Canada now owns 3,081,752 shares of the business services provider’s stock worth $175,475,000 after buying an additional 97,170 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of Paychex by 2.7% in the second quarter. UBS Asset Management Americas Inc. now owns 2,191,736 shares of the business services provider’s stock worth $124,797,000 after buying an additional 57,610 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

A number of analysts have recently commented on the company. BidaskClub downgraded Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America downgraded Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price on the stock. in a research note on Tuesday, January 9th. Stifel Nicolaus restated a “hold” rating and issued a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price on the stock in a research note on Monday, December 4th. Finally, Royal Bank of Canada restated a “sell” rating and issued a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. The company has an average rating of “Hold” and an average price target of $62.10.

In related news, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the transaction, the vice president now owns 21,758 shares of the company’s stock, valued at approximately $1,385,984.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

Shares of Paychex, Inc. (NASDAQ:PAYX) traded up $0.80 on Tuesday, hitting $67.66. The stock had a trading volume of 2,017,200 shares, compared to its average volume of 2,118,544. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $70.39. The stock has a market capitalization of $24,450.00, a P/E ratio of 29.04, a price-to-earnings-growth ratio of 3.65 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.59. The company had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. Paychex’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 EPS. research analysts predict that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.

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Paychex 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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