Notis McConarty Edward Trims Holdings in Paychex, Inc. (NASDAQ:PAYX)

Notis McConarty Edward decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,730 shares of the business services provider’s stock after selling 300 shares during the quarter. Notis McConarty Edward’s holdings in Paychex were worth $225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Ronna Sue Cohen grew its position in shares of Paychex by 7,736.0% during the 1st quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock worth $4,004,000 after buying an additional 3,952,727 shares in the last quarter. BlackRock Inc. grew its position in shares of Paychex by 12.3% during the 1st quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock worth $2,523,549,000 after buying an additional 3,435,500 shares in the last quarter. Pennsylvania Trust Co grew its position in shares of Paychex by 6,076.7% during the 1st quarter. Pennsylvania Trust Co now owns 1,222,308 shares of the business services provider’s stock worth $51,110,000 after buying an additional 1,202,519 shares in the last quarter. California Public Employees Retirement System grew its position in shares of Paychex by 23.5% during the 1st quarter. California Public Employees Retirement System now owns 2,145,270 shares of the business services provider’s stock worth $172,051,000 after buying an additional 408,769 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Paychex by 114.5% during the 1st quarter. Janus Henderson Group PLC now owns 554,222 shares of the business services provider’s stock worth $44,450,000 after buying an additional 295,800 shares in the last quarter. 69.45% of the stock is currently owned by institutional investors and hedge funds.

PAYX stock traded down $2.10 during trading on Monday, reaching $81.83. 47,158 shares of the company traded hands, compared to its average volume of 1,752,822. Paychex, Inc. has a 12 month low of $61.32 and a 12 month high of $88.43. The company’s 50 day moving average price is $85.19. The company has a market capitalization of $30.16 billion, a P/E ratio of 28.83, a price-to-earnings-growth ratio of 3.02 and a beta of 0.86. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.30.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). Paychex had a net margin of 27.42% and a return on equity of 40.99%. The company had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. During the same period in the previous year, the business earned $0.61 EPS. Paychex’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities research analysts expect that Paychex, Inc. will post 3.09 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is presently 87.32%.

In other Paychex news, CFO Efrain Rivera sold 476 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $85.72, for a total value of $40,802.72. Following the completion of the sale, the chief financial officer now directly owns 62,192 shares in the company, valued at $5,331,098.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $86.76, for a total value of $1,292,116.68. Following the completion of the sale, the insider now owns 63,039 shares of the company’s stock, valued at $5,469,263.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,581 shares of company stock valued at $8,054,107. 11.80% of the stock is currently owned by company insiders.

A number of equities analysts have recently issued reports on PAYX shares. Bank of America downgraded Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. William Blair reissued a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Finally, Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $75.08.

Paychex 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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