Cambridge Trust Co. Purchases 44 Shares of Paychex, Inc. (NASDAQ:PAYX)

Cambridge Trust Co. boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,118 shares of the business services provider’s stock after buying an additional 44 shares during the period. Cambridge Trust Co.’s holdings in Paychex were worth $243,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Manning & Napier Advisors LLC boosted its position in shares of Paychex by 9.7% in the first quarter. Manning & Napier Advisors LLC now owns 59,037 shares of the business services provider’s stock valued at $3,477,000 after buying an additional 5,231 shares in the last quarter. CENTRAL TRUST Co boosted its position in Paychex by 5.8% in the first quarter. CENTRAL TRUST Co now owns 7,290 shares of the business services provider’s stock worth $429,000 after buying an additional 400 shares in the last quarter. Burns J W & Co. Inc. NY boosted its position in Paychex by 1.8% in the first quarter. Burns J W & Co. Inc. NY now owns 65,305 shares of the business services provider’s stock worth $3,846,000 after buying an additional 1,129 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in Paychex by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 280,066 shares of the business services provider’s stock worth $16,496,000 after buying an additional 6,157 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC boosted its position in Paychex by 7.1% in the first quarter. Franklin Street Advisors Inc. NC now owns 99,336 shares of the business services provider’s stock worth $5,851,000 after buying an additional 6,623 shares in the last quarter. 68.68% of the stock is owned by institutional investors.

Paychex, Inc. (NASDAQ PAYX) traded up 0.02% during midday trading on Friday, reaching $54.99. 2,041,361 shares of the company were exchanged. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The firm has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96. The company has a 50-day moving average of $56.62 and a 200 day moving average of $58.78.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same period last year, the firm posted $0.49 earnings per share. Paychex’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a $0.50 dividend. The ex-dividend date is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%.

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A number of research firms have commented on PAYX. Goldman Sachs Group, Inc. (The) cut shares of Paychex from a “buy” rating to a “neutral” rating and cut their price target for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. Wedbush reissued a “neutral” rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $59.28.

In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the transaction, the vice president now directly owns 46,548 shares of the company’s stock, valued at $2,671,389.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the transaction, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock valued at $5,300,889 over the last ninety days. 11.60% of the stock is owned by insiders.

About Paychex

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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