Rehmann Capital Advisory Group lifted its position in Paychex, Inc. (NASDAQ:PAYX) by 18.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,422 shares of the business services provider’s stock after acquiring an additional 684 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Paychex were worth $302,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Independence Bank of Kentucky raised its holdings in Paychex by 12.9% in the second quarter. Independence Bank of Kentucky now owns 6,270 shares of the business services provider’s stock worth $429,000 after purchasing an additional 715 shares in the last quarter. Univest Corp of Pennsylvania raised its holdings in Paychex by 13.1% in the second quarter. Univest Corp of Pennsylvania now owns 6,242 shares of the business services provider’s stock worth $427,000 after purchasing an additional 725 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Paychex by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 61,741 shares of the business services provider’s stock worth $4,220,000 after purchasing an additional 744 shares in the last quarter. Redmond Asset Management LLC raised its holdings in Paychex by 9.0% in the second quarter. Redmond Asset Management LLC now owns 9,056 shares of the business services provider’s stock worth $619,000 after purchasing an additional 750 shares in the last quarter. Finally, Chemical Bank raised its holdings in Paychex by 9.4% in the second quarter. Chemical Bank now owns 9,008 shares of the business services provider’s stock worth $616,000 after purchasing an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 66.96% of the company’s stock.

PAYX has been the subject of a number of recent research reports. ValuEngine upgraded shares of Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Morgan Stanley upped their price objective on shares of Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. Stifel Nicolaus upped their price objective on shares of Paychex from $66.00 to $69.00 and gave the company a “hold” rating in a report on Thursday, June 28th. Finally, Wells Fargo & Co upped their price objective on shares of Paychex from $64.00 to $67.00 and gave the company a “market perform” rating in a report on Thursday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $68.42.

In related news, Director David J. S. Flaschen sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $69.62, for a total value of $435,125.00. Following the sale, the director now owns 32,787 shares in the company, valued at $2,282,630.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jennifer R. Vossler sold 7,683 shares of the company’s stock in a transaction that occurred on Tuesday, July 10th. The shares were sold at an average price of $69.92, for a total value of $537,195.36. Following the completion of the sale, the vice president now owns 16,536 shares in the company, valued at approximately $1,156,197.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 248,559 shares of company stock worth $17,599,054. Corporate insiders own 11.80% of the company’s stock.

PAYX opened at $75.25 on Friday. Paychex, Inc. has a 52-week low of $58.22 and a 52-week high of $75.57. The stock has a market cap of $27.01 billion, a PE ratio of 30.71, a P/E/G ratio of 3.23 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analyst estimates of $868.60 million. During the same quarter last year, the company earned $0.54 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. sell-side analysts forecast that Paychex, Inc. will post 2.84 EPS for the current year.

Paychex Company 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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