Sterling Investment Advisors Ltd. Sells 2,493 Shares of Paychex, Inc. (NASDAQ:PAYX)

Sterling Investment Advisors Ltd. lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 10.0% during the 2nd quarter, Holdings Channel reports. The firm owned 22,501 shares of the business services provider’s stock after selling 2,493 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Paychex were worth $1,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. grew its holdings in Paychex by 12.3% during the 1st quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock valued at $2,523,549,000 after buying an additional 3,435,500 shares in the last quarter. Wells Fargo & Company MN grew its holdings 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 buying an additional 919,406 shares in the last quarter. California Public Employees Retirement System grew its holdings in Paychex by 23.5% during the 1st quarter. California Public Employees Retirement System now owns 2,145,270 shares of the business services provider’s stock valued at $172,051,000 after buying an additional 408,769 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Paychex by 54.5% during the 2nd quarter. Janus Henderson Group PLC now owns 856,192 shares of the business services provider’s stock valued at $70,456,000 after buying an additional 301,970 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in Paychex by 489.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 331,032 shares of the business services provider’s stock valued at $26,549,000 after buying an additional 274,894 shares in the last quarter. 70.84% of the stock is currently owned by institutional investors.

In related news, VP Robert L. Schrader sold 609 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $83.88, for a total transaction of $51,082.92. Following the completion of the transaction, the vice president now owns 9,166 shares in the company, valued at approximately $768,844.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Laurie L. Zaucha sold 5,859 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $83.31, for a total value of $488,113.29. Following the transaction, the vice president now owns 44,280 shares of the company’s stock, valued at approximately $3,688,966.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,996 shares of company stock valued at $4,763,436. Company insiders own 11.80% of the company’s stock.

Shares of Paychex stock traded down $2.53 on Friday, reaching $79.72. The company had a trading volume of 1,368,466 shares, compared to its average volume of 1,696,234. The firm has a market cap of $29.65 billion, a price-to-earnings ratio of 28.07, a P/E/G ratio of 2.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17. The firm’s 50-day moving average price is $84.10 and its two-hundred day moving average price is $82.20. Paychex, Inc. has a 1 year low of $61.32 and a 1 year high of $88.43.

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

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is 87.32%.

Several equities analysts have weighed in on the company. Bank of America cut Paychex from a “neutral” rating to an “underperform” rating in a report 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 report on Tuesday, April 30th. BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a report on Saturday. William Blair restated a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Finally, Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $77.00 to $74.00 in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $76.20.

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.

Read More: Momentum Investing

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.