Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,120,528 shares of the business services provider's stock after selling 15,744 shares during the quarter. Paychex makes up 2.0% of Confluence Investment Management LLC's portfolio, making the stock its 9th biggest position. Confluence Investment Management LLC owned 0.31% of Paychex worth $150,364,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Paychex by 0.4% during the first quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider's stock worth $3,750,472,000 after buying an additional 123,268 shares during the last quarter. Capital International Investors boosted its stake in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider's stock worth $2,563,853,000 after acquiring an additional 2,373,894 shares during the last quarter. Capital World Investors grew its holdings in Paychex by 155.6% during the first quarter. Capital World Investors now owns 2,478,325 shares of the business services provider's stock valued at $304,338,000 after purchasing an additional 1,508,681 shares during the period. Dimensional Fund Advisors LP increased its stake in Paychex by 19.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider's stock valued at $279,351,000 after purchasing an additional 384,184 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Paychex by 57.2% in the first quarter. TD Asset Management Inc now owns 2,179,930 shares of the business services provider's stock worth $267,695,000 after purchasing an additional 793,468 shares during the period. 83.47% of the stock is owned by institutional investors.

Paychex Stock Up 1.4 %

PAYX traded up $2.01 during trading hours on Friday, hitting $148.57. 2,008,682 shares of the company's stock were exchanged, compared to its average volume of 1,458,583. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. Paychex, Inc. has a 1-year low of $113.70 and a 1-year high of $149.26. The stock's 50-day moving average is $137.75 and its two-hundred day moving average is $128.25. The stock has a market cap of $53.47 billion, a price-to-earnings ratio of 31.68, a PEG ratio of 4.08 and a beta of 0.99.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The company's quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 EPS. Sell-side analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.64%. Paychex's dividend payout ratio is presently 83.58%.

Insider Activity

In other Paychex news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the transaction, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Robert L. Schrader sold 13,015 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company's stock, valued at approximately $2,471,480.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Paychex from $125.00 to $145.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on Paychex from $120.00 to $128.00 and gave the company an "underweight" rating in a research note on Tuesday, August 20th. TD Cowen raised their price target on Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. Barclays boosted their price objective on Paychex from $118.00 to $132.00 and gave the company an "equal weight" rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group raised their target price on shares of Paychex from $120.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $130.77.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.