Confluence Investment Management LLC Trims Stake in Paychex, Inc. (NASDAQ:PAYX)

Confluence Investment Management LLC cut its position in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,285,261 shares of the business services provider’s stock after selling 10,004 shares during the period. Paychex accounts for 2.3% of Confluence Investment Management LLC’s investment portfolio, making the stock its 4th biggest position. Confluence Investment Management LLC’s holdings in Paychex were worth $146,353,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Atticus Wealth Management LLC increased its position in Paychex by 229.4% in the first quarter. Atticus Wealth Management LLC now owns 1,746 shares of the business services provider’s stock worth $238,000 after buying an additional 1,216 shares during the period. DNB Asset Management AS increased its position in Paychex by 4.3% in the first quarter. DNB Asset Management AS now owns 65,680 shares of the business services provider’s stock worth $8,963,000 after buying an additional 2,719 shares during the period. Stratos Wealth Advisors LLC increased its holdings in shares of Paychex by 1.2% during the first quarter. Stratos Wealth Advisors LLC now owns 15,781 shares of the business services provider’s stock valued at $2,154,000 after purchasing an additional 191 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Paychex by 7.0% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 194,928 shares of the business services provider’s stock valued at $26,602,000 after purchasing an additional 12,794 shares during the period. Finally, Brinker Capital Investments LLC increased its holdings in shares of Paychex by 0.7% during the first quarter. Brinker Capital Investments LLC now owns 57,397 shares of the business services provider’s stock valued at $7,833,000 after purchasing an additional 382 shares during the period. 71.80% of the stock is currently owned by institutional investors.

Insider Activity at Paychex

In related news, CFO Efrain Rivera sold 30,866 shares of the company’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $116.13, for a total value of $3,584,468.58. Following the completion of the sale, the chief financial officer now owns 86,031 shares in the company, valued at $9,990,780.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Paychex news, CFO Efrain Rivera sold 30,866 shares of the stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $116.13, for a total value of $3,584,468.58. Following the completion of the sale, the chief financial officer now directly owns 86,031 shares in the company, valued at $9,990,780.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 1,227 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $117.81, for a total value of $144,552.87. Following the completion of the sale, the vice president now owns 51,122 shares of the company’s stock, valued at $6,022,682.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,837 shares of company stock worth $10,539,336. 11.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on PAYX shares. Morgan Stanley lowered their price target on Paychex from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft lowered their price target on Paychex from $145.00 to $123.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Barclays lowered their price target on Paychex from $140.00 to $127.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Jefferies Financial Group lowered their price target on Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Finally, Cowen lowered their price target on Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, June 30th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $130.75.

Paychex Trading Up 1.0 %

PAYX stock opened at $120.13 on Monday. The company has a market cap of $43.28 billion, a P/E ratio of 31.28, a PEG ratio of 3.87 and a beta of 1.00. Paychex, Inc. has a twelve month low of $106.55 and a twelve month high of $141.92. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. The business has a fifty day moving average of $126.15 and a 200-day moving average of $125.43.

Paychex (NASDAQ:PAYXGet Rating) last released its earnings results on Wednesday, June 29th. The business services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a return on equity of 43.65% and a net margin of 30.20%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts expect that Paychex, Inc. will post 4.14 EPS for the current year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 11th were issued a $0.79 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $3.16 dividend on an annualized basis and a yield of 2.63%. Paychex’s dividend payout ratio is presently 82.29%.

Paychex Profile

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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