Canandaigua National Bank & Trust Co. reduced its stake in shares of Paychex Inc. (NASDAQ:PAYX) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 101,795 shares of the company’s stock after selling 578 shares during the period. Paychex comprises 1.7% of Canandaigua National Bank & Trust Co.’s holdings, making the stock its 11th largest position. Canandaigua National Bank & Trust Co.’s holdings in Paychex were worth $6,057,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Royal London Asset Management Ltd. boosted its position in Paychex by 1.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 117,107 shares of the company’s stock valued at $6,297,000 after buying an additional 1,207 shares in the last quarter. Norges Bank purchased a new position in Paychex during the fourth quarter valued at approximately $140,438,000. Chevy Chase Trust Holdings Inc. boosted its position in Paychex by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 276,646 shares of the company’s stock valued at $14,942,000 after buying an additional 6,813 shares in the last quarter. Creative Planning boosted its position in Paychex by 4.2% in the first quarter. Creative Planning now owns 19,209 shares of the company’s stock valued at $1,038,000 after buying an additional 770 shares in the last quarter. Finally, DnB Asset Management AS boosted its position in Paychex by 21.1% in the first quarter. DnB Asset Management AS now owns 26,927 shares of the company’s stock valued at $1,454,000 after buying an additional 4,700 shares in the last quarter. 69.61% of the stock is currently owned by institutional investors and hedge funds.

Paychex Inc. (NASDAQ:PAYX) traded up 1.04% on Tuesday, reaching $59.22. 1,610,475 shares of the company were exchanged. The firm has a market capitalization of $21.35 billion, a P/E ratio of 28.33 and a beta of 0.82. Paychex Inc. has a 12-month low of $45.55 and a 12-month high of $61.87. The firm has a 50-day moving average of $59.84 and a 200 day moving average of $56.15.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Thursday, June 30th. The company reported $0.49 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.49. The business had revenue of $753.90 million for the quarter. Paychex had a net margin of 25.64% and a return on equity of 39.54%. Paychex’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. On average, equities analysts predict that Paychex Inc. will post $2.21 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Monday, August 1st were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Thursday, July 28th. This is an increase from Paychex’s previous quarterly dividend of $0.42. Paychex’s dividend payout ratio is currently 88.04%.

Several equities analysts have commented on the stock. Wedbush began coverage on shares of Paychex in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 target price on the stock. Zacks Investment Research upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Morgan Stanley restated an “underweight” rating and set a $49.00 price target on shares of Paychex in a research note on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 price target (up previously from $40.00) on shares of Paychex in a research note on Tuesday, July 12th. Finally, Deutsche Bank AG restated a “hold” rating and set a $56.00 price target (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $54.00.

In other news, CFO Efrain Rivera sold 7,235 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $61.33, for a total value of $443,722.55. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Laurie L. Zaucha sold 26,605 shares of the company’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $58.06, for a total transaction of $1,544,686.30. Following the completion of the transaction, the vice president now owns 42,599 shares in the company, valued at approximately $2,473,297.94. The disclosure for this sale can be found here. 11.30% of the stock is currently owned by insiders.

Paychex Company Profile

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

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