Kornitzer Capital Management Inc. KS decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 58,775 shares of the business services provider’s stock after selling 750 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Paychex were worth $3,347,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in PAYX. Parkside Financial Bank & Trust increased its stake in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after buying an additional 564 shares in the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock worth $186,000 after buying an additional 867 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in shares of Paychex during the second quarter worth about $201,000. Denver Investment Advisors LLC increased its stake in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock worth $223,000 after buying an additional 271 shares in the last quarter. Finally, King Wealth Management Group LLC increased its stake in shares of 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 in the last quarter. Institutional investors own 68.60% of the company’s stock.

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

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same period in the prior year, the business posted $0.49 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. Analysts forecast that Paychex, Inc. will post $2.37 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.64%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th.

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A number of brokerages recently issued reports on PAYX. BMO Capital Markets reissued a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 price target (down previously from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $59.16.

In other Paychex news, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the sale, the insider now directly owns 55,632 shares in the company, valued at $3,193,276.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Laurie L. Zaucha sold 2,884 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.39, for a total transaction of $165,512.76. Following the sale, the vice president now owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,497 shares of company stock valued at $5,300,889. Company 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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