Benjamin F. Edwards & Company Inc. Cuts Stake in Paychex, Inc. (NASDAQ:PAYX)

Benjamin F. Edwards & Company Inc. reduced its position in Paychex, Inc. (NASDAQ:PAYX) by 5.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,408 shares of the business services provider’s stock after selling 1,084 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Paychex were worth $991,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Teachers Advisors LLC raised its position in shares of Paychex by 13.4% in the fourth quarter. Teachers Advisors LLC now owns 391,570 shares of the business services provider’s stock valued at $23,839,000 after buying an additional 46,364 shares during the period. Macquarie Group Ltd. raised its position in shares of Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock valued at $1,254,000 after buying an additional 6,500 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake 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 valued at $16,496,000 after buying an additional 6,157 shares in the last quarter. CENTRAL TRUST Co increased its stake in Paychex by 5.8% in the first quarter. CENTRAL TRUST Co now owns 7,290 shares of the business services provider’s stock valued at $429,000 after buying an additional 400 shares in the last quarter. Finally, Manning & Napier Advisors LLC increased its stake in 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. 68.68% of the stock is currently owned by institutional investors.

Paychex, Inc. (PAYX) traded up 0.02% during midday trading on Friday, hitting $54.99. The stock had a trading volume of 2,041,361 shares. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The firm has a 50 day moving average price of $56.62 and a 200 day moving average price of $58.78. The stock has a market cap of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96.

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, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. Equities analysts expect that Paychex, Inc. will post $2.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders 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 annualized dividend and a yield of 3.64%.

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PAYX has been the topic of several research analyst reports. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Wedbush reissued a “neutral” rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research report on Wednesday. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $59.28.

In other Paychex news, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the sale, the director now directly owns 53,621 shares in the company, valued at approximately $3,100,366.22. The sale was disclosed in a document filed 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 shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares in the company, valued at $13,561,488.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,497 shares of company stock worth $5,300,889. Company insiders own 11.60% of the company’s stock.

Paychex Company 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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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