United Capital Financial Advisers LLC Purchases 1,463 Shares of Paychex, Inc. (NASDAQ:PAYX)

United Capital Financial Advisers LLC lifted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,760 shares of the business services provider’s stock after purchasing an additional 1,463 shares during the quarter. United Capital Financial Advisers LLC’s holdings in Paychex were worth $4,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PAYX. BlackRock Inc. boosted its position in shares of Paychex by 12.3% during the first quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock worth $2,523,549,000 after purchasing an additional 3,435,500 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Paychex by 11.0% during the second quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock worth $765,725,000 after purchasing an additional 919,406 shares in the last quarter. APG Asset Management N.V. boosted its position in shares of Paychex by 73.8% during the second quarter. APG Asset Management N.V. now owns 1,756,381 shares of the business services provider’s stock worth $126,917,000 after purchasing an additional 745,800 shares in the last quarter. Bahl & Gaynor Inc. boosted its position in shares of Paychex by 27.7% during the second quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock worth $260,697,000 after purchasing an additional 686,831 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Paychex by 54.5% during the second quarter. Janus Henderson Group PLC now owns 856,192 shares of the business services provider’s stock worth $70,456,000 after purchasing an additional 301,970 shares in the last quarter. 69.50% of the stock is currently owned by institutional investors.

Shares of Paychex stock traded up $1.00 during trading on Tuesday, hitting $82.06. 47,636 shares of the stock were exchanged, compared to its average volume of 1,397,523. The stock has a market capitalization of $29.33 billion, a price-to-earnings ratio of 28.89, a price-to-earnings-growth ratio of 2.94 and a beta of 0.88. The company has a fifty day moving average price of $82.40 and a 200-day moving average price of $82.97. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43. 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 earnings results on Wednesday, June 26th. The business services provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.02). The company had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. Paychex had a return on equity of 40.99% and a net margin of 27.42%. The business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.61 EPS. Equities research analysts forecast that Paychex, Inc. will post 3.09 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 1st were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Wednesday, July 31st. Paychex’s payout ratio is 87.32%.

PAYX has been the topic of a number of recent analyst reports. Cowen initiated coverage on shares of Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price target on the stock. BidaskClub lowered shares of Paychex from a “buy” rating to a “hold” rating in a report on Saturday, August 24th. Morgan Stanley lowered shares of Paychex from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $77.00 to $74.00 in a report on Thursday, August 15th. Bank of America lowered shares of 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. Finally, William Blair restated a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $76.00.

In related news, VP Mark Anthony Bottini sold 2,366 shares of Paychex stock in a transaction dated Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $201,843.46. Following the completion of the sale, the vice president now owns 55,767 shares of the company’s stock, valued at approximately $4,757,482.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Laurie L. Zaucha sold 5,859 shares of Paychex stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $83.31, for a total transaction of $488,113.29. Following the sale, the vice president now directly 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. Insiders have sold a total of 55,996 shares of company stock valued at $4,763,436 in the last ninety days. 11.80% of the stock is currently owned by insiders.

Paychex 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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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