Janney Capital Management LLC cut its position in Paychex, Inc. (NASDAQ:PAYX) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 381,999 shares of the business services provider’s stock after selling 7,862 shares during the period. Paychex makes up about 1.0% of Janney Capital Management LLC’s portfolio, making the stock its 28th largest position. Janney Capital Management LLC’s holdings in Paychex were worth $21,751,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Bruderman Asset Management LLC increased its position in Paychex by 0.3% in the first quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock worth $400,000 after buying an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC increased its position in Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the last quarter. King Wealth Management Group LLC increased its position in Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock worth $223,000 after buying an additional 30 shares during the last quarter. Washington Trust Bank increased its position in Paychex by 0.4% in the second quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after buying an additional 31 shares during the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in Paychex by 1.0% in the first quarter. Flagship Harbor Advisors LLC now owns 4,199 shares of the business services provider’s stock worth $248,000 after buying an additional 42 shares during the last quarter. 68.60% of the stock is owned by institutional investors.

Shares of Paychex, Inc. (NASDAQ PAYX) opened at 54.91 on Thursday. The firm has a 50-day moving average of $57.34 and a 200-day moving average of $59.08. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The stock has a market cap of $19.73 billion, a PE ratio of 24.40 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. During the same quarter in the previous year, the firm earned $0.49 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Paychex’s previous quarterly dividend of $0.46.

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A number of research firms recently issued reports on PAYX. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 price target (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley decreased their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Robert W. Baird decreased their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Finally, BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $59.16.

In other news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the transaction, the chief executive officer now owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,497 shares of company stock worth $5,300,889. Insiders own 11.60% of the company’s stock.

About Paychex

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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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