W.G. Shaheen & Associates DBA Whitney & Co Lowers Position in Paychex, Inc. (NASDAQ:PAYX)

W.G. Shaheen & Associates DBA Whitney & Co lessened its position in Paychex, Inc. (NASDAQ:PAYX) by 8.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,716 shares of the business services provider’s stock after selling 6,936 shares during the quarter. Paychex accounts for approximately 1.5% of W.G. Shaheen & Associates DBA Whitney & Co’s portfolio, making the stock its 25th largest holding. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Paychex were worth $6,560,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Lincoln National Corp increased its stake in Paychex by 2.9% in the second quarter. Lincoln National Corp now owns 13,466 shares of the business services provider’s stock valued at $1,109,000 after acquiring an additional 384 shares during the last quarter. Mawer Investment Management Ltd. increased its stake in Paychex by 8.7% in the second quarter. Mawer Investment Management Ltd. now owns 886,961 shares of the business services provider’s stock valued at $72,988,000 after acquiring an additional 71,360 shares during the last quarter. Advisors Preferred LLC bought a new position in Paychex in the second quarter valued at $1,230,000. Paragon Capital Management LLC increased its stake in Paychex by 0.4% in the second quarter. Paragon Capital Management LLC now owns 123,515 shares of the business services provider’s stock valued at $10,164,000 after acquiring an additional 496 shares during the last quarter. Finally, H D Vest Advisory Services increased its stake in Paychex by 6.7% in the second quarter. H D Vest Advisory Services now owns 4,792 shares of the business services provider’s stock valued at $394,000 after acquiring an additional 301 shares during the last quarter. 70.84% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:PAYX traded down $1.85 on Friday, reaching $80.39. 31,534 shares of the company traded hands, compared to its average volume of 1,727,403. The business’s 50-day simple moving average is $84.19 and its 200 day simple moving average is $82.16. Paychex, Inc. has a 52 week low of $61.32 and a 52 week high of $88.43. The stock has a market capitalization of $29.45 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.30.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). Paychex had a net margin of 27.42% and a return on equity of 40.99%. The company had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. During the same period last year, the business posted $0.61 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. Sell-side analysts expect that Paychex, Inc. will post 3.09 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 1st were paid a $0.62 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $2.48 annualized dividend and a dividend yield of 3.08%. Paychex’s payout ratio is presently 87.32%.

PAYX has been the topic of a number of research analyst reports. William Blair reissued a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Bank of America cut Paychex from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Sanford C. Bernstein cut Paychex from a “market perform” rating to an “underperform” rating in a research note on Tuesday, April 30th. Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $77.00 to $74.00 in a research note on Thursday, August 15th. Finally, BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $76.20.

In related news, VP Robert L. Schrader sold 609 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $83.88, for a total value of $51,082.92. Following the sale, the vice president now directly owns 9,166 shares of the company’s stock, valued at $768,844.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Efrain Rivera sold 3,196 shares of the firm’s stock in a transaction dated Saturday, July 6th. The stock was sold at an average price of $85.31, for a total value of $272,650.76. Following the completion of the sale, the chief financial officer now directly owns 57,707 shares in the company, valued at $4,922,984.17. The disclosure for this sale can be found here. Insiders sold 55,996 shares of company stock worth $4,763,436 over the last three months. 11.80% of the stock is owned by insiders.

About Paychex

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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