Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P. cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,530 shares of the business services provider’s stock after selling 360 shares during the period. Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P.’s holdings in Paychex were worth $1,795,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Bruderman Asset Management LLC raised its position in shares of Paychex by 0.3% in the 1st quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock valued at $400,000 after acquiring an additional 20 shares during the period. Alps Advisors Inc. raised its position in shares of Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after acquiring an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC raised its position in shares of Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after acquiring an additional 24 shares during the period. King Wealth Management Group LLC raised its position in shares of Paychex by 0.8% in the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after acquiring an additional 30 shares during the period. Finally, Washington Trust Bank raised its position in shares of Paychex by 0.4% in the 2nd quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock valued at $418,000 after acquiring an additional 31 shares during the period. Institutional investors own 67.33% of the company’s stock.

In other news, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the transaction, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the transaction, the insider now directly owns 55,632 shares in the company, valued at $3,193,276.80. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 over the last ninety days. 11.60% of the stock is owned by insiders.

A number of analysts recently weighed in on PAYX shares. Wedbush reiterated a “neutral” rating and issued a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Paychex in a report on Thursday, June 29th. Robert W. Baird dropped their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Finally, Morgan Stanley dropped their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $59.28.

Paychex, Inc. (NASDAQ PAYX) traded down 0.784% during trading on Thursday, hitting $57.585. 433,330 shares of the company traded hands. The stock has a 50-day moving average price of $56.43 and a 200-day moving average price of $58.50. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The firm has a market capitalization of $20.70 billion, a P/E ratio of 25.593 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company had revenue of $799.00 million for the quarter, compared to analyst estimates of $797.70 million. During the same period in the prior year, the firm earned $0.49 earnings per share. Paychex’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, July 28th. Paychex’s dividend payout ratio is presently 88.50%.

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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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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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