Laffer Investments reduced its holdings in Paychex, Inc. (NASDAQ:PAYX) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 43,813 shares of the business services provider’s stock after selling 52 shares during the quarter. Laffer Investments’ holdings in Paychex were worth $2,495,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bruderman Asset Management LLC increased its position in 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. increased its position in 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 increased its position in 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 increased its position in 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 increased its position in 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. Hedge funds and other institutional investors own 67.31% of the company’s stock.

Paychex, Inc. (NASDAQ:PAYX) traded down 0.0319% during midday trading on Tuesday, reaching $58.0615. 282,338 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $56.37 and a 200 day moving average price of $58.38. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The company has a market cap of $20.87 billion, a price-to-earnings ratio of 25.8051 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, beating the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $799.00 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. On average, analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were given a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Friday, July 28th. Paychex’s payout ratio is presently 88.50%.

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In other Paychex news, CEO Martin Mucci sold 33,294 shares of the business’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the transaction, the chief executive officer now directly 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 the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the transaction, the director now directly owns 53,621 shares in the company, valued at $3,100,366.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,497 shares of company stock worth $5,300,889. Insiders own 11.70% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets reiterated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) cut shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company. Paychex presently has an average rating of “Hold” and a consensus target price of $59.28.

Paychex 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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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