Boston Advisors LLC Trims Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Boston Advisors LLC reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.1% during the third quarter, Holdings Channel reports. The firm owned 10,544 shares of the business services provider’s stock after selling 925 shares during the quarter. Boston Advisors LLC’s holdings in Paychex were worth $873,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PAYX. BlackRock Inc. increased its position in Paychex by 9.7% during the 2nd quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock valued at $2,841,008,000 after purchasing an additional 3,058,635 shares during the period. Nuveen Asset Management LLC increased its position in Paychex by 15,792.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,299,048 shares of the business services provider’s stock valued at $106,899,000 after purchasing an additional 1,290,874 shares during the period. Wells Fargo & Company MN increased its position in Paychex by 11.0% during the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after purchasing an additional 919,406 shares during the period. APG Asset Management N.V. increased its position in Paychex by 73.8% during the 2nd quarter. APG Asset Management N.V. now owns 1,756,381 shares of the business services provider’s stock valued at $126,917,000 after purchasing an additional 745,800 shares during the period. Finally, Bahl & Gaynor Inc. increased its position in Paychex by 27.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock valued at $260,697,000 after purchasing an additional 686,831 shares during the period. 70.02% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have issued reports on PAYX shares. Argus reissued a “buy” rating and set a $92.00 price objective on shares of Paychex in a research report on Thursday, October 3rd. BidaskClub raised shares of Paychex from a “sell” rating to a “hold” rating in a research report on Friday. Barclays boosted their price objective on shares of Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. ValuEngine downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Cowen started coverage on shares of Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $79.33.

In related news, CEO Martin Mucci sold 31,865 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $84.86, for a total value of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares in the company, valued at approximately $30,787,717.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David J. S. Flaschen sold 13,052 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the completion of the transaction, the director now owns 43,564 shares in the company, valued at approximately $3,681,158. The disclosure for this sale can be found here. Insiders sold a total of 67,256 shares of company stock worth $5,707,113 over the last ninety days. Insiders own 11.70% of the company’s stock.

NASDAQ:PAYX opened at $84.47 on Friday. The firm’s 50-day moving average price is $83.59 and its 200-day moving average price is $84.06. The company has a market capitalization of $29.65 billion, a PE ratio of 29.74, a P/E/G ratio of 3.81 and a beta of 0.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1.15. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $992.00 million for the quarter, compared to the consensus estimate of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. Equities analysts anticipate that Paychex, Inc. will post 3.11 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Friday, November 1st will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Thursday, October 31st. Paychex’s dividend payout ratio is presently 87.32%.

Paychex Company 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.

Read More: Are all No-Load Funds Equal?

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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