Confluence Investment Management LLC Raises Stake in Paychex, Inc. (PAYX)

Confluence Investment Management LLC raised its position in Paychex, Inc. (NASDAQ:PAYX) by 11.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,639,156 shares of the business services provider’s stock after buying an additional 174,436 shares during the period. Paychex accounts for about 1.9% of Confluence Investment Management LLC’s holdings, making the stock its 14th largest position. Confluence Investment Management LLC owned about 0.46% of Paychex worth $93,334,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Parkside Financial Bank & Trust raised its stake in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC raised its stake in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after buying an additional 867 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in shares of Paychex during the second quarter worth approximately $201,000. Denver Investment Advisors LLC raised its stake in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock worth $223,000 after buying an additional 271 shares during the last quarter. Finally, King Wealth Management Group LLC raised its stake in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 68.68% of the company’s stock.

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

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same period last year, the firm posted $0.49 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.37 EPS for the current year.

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

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Several equities research analysts have recently issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and set a $61.00 price target on shares of Paychex in a report on Friday. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and reduced their price target for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Morgan Stanley reduced their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. Finally, Robert W. Baird reduced their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the company. Paychex presently has a consensus rating of “Hold” and an average target price of $59.28.

In related news, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the sale, the insider now directly owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the sale, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,497 shares of company stock valued at $5,300,889. 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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