Redmond Asset Management LLC Sells 1,143 Shares of Paychex, Inc. (NASDAQ:PAYX)

Redmond Asset Management LLC lowered its holdings in Paychex, Inc. (NASDAQ:PAYX) by 11.3% during the second quarter, HoldingsChannel.com reports. The fund owned 9,010 shares of the business services provider’s stock after selling 1,143 shares during the period. Redmond Asset Management LLC’s holdings in Paychex were worth $741,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Glassman Wealth Services increased its stake in Paychex by 125.0% in the first quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock valued at $25,000 after acquiring an additional 170 shares during the period. FinTrust Capital Advisors LLC boosted its position in Paychex by 64.9% in the first quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Ellevest Inc. acquired a new position in Paychex in the first quarter valued at about $27,000. Manchester Financial Inc. acquired a new position in Paychex in the second quarter valued at about $29,000. Finally, Covenant Multifamily Offices LLC acquired a new position in Paychex in the first quarter valued at about $33,000. 69.85% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Martin Mucci sold 19,759 shares of the stock in a transaction that occurred on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total value of $1,685,640.29. Following the transaction, the chief executive officer now directly owns 280,170 shares in the company, valued at $23,901,302.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Efrain Rivera sold 3,196 shares of the stock in a transaction that occurred on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $272,650.76. Following the completion of the transaction, the chief financial officer now owns 57,707 shares in the company, valued at $4,922,984.17. The disclosure for this sale can be found here. Insiders sold 55,996 shares of company stock worth $4,763,436 over the last 90 days. 11.80% of the stock is currently owned by company insiders.

A number of equities analysts have commented on the stock. Morgan Stanley lowered shares of Paychex from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $77.00 to $74.00 in a research report on Thursday. BidaskClub upgraded shares of Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. William Blair restated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Sanford C. Bernstein lowered shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Finally, Bank of America lowered shares of 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. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $76.09.

Shares of PAYX stock traded down $0.69 during trading hours on Thursday, reaching $80.37. 54,436 shares of the company were exchanged, compared to its average volume of 1,739,104. Paychex, Inc. has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The business has a fifty day moving average price of $84.34. The firm has a market cap of $29.75 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 2.98 and a beta of 0.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.17 and a current ratio of 1.17.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The company had revenue of $980.40 million for the quarter, compared to analyst estimates of $978.94 million. During the same quarter in the previous year, the company posted $0.61 earnings per share. Paychex’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Paychex, Inc. will post 3.09 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 1st will be issued a $0.62 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $2.48 annualized dividend and a yield of 3.09%. Paychex’s dividend payout ratio is currently 87.32%.

About Paychex

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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