Paychex, Inc. (PAYX) Shares Sold by Train Babcock Advisors LLC

Train Babcock Advisors LLC decreased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 9.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,628 shares of the business services provider’s stock after selling 2,762 shares during the period. Train Babcock Advisors LLC’s holdings in Paychex were worth $1,573,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Dupont Capital Management Corp acquired a new position in shares of Paychex during the second quarter worth approximately $129,000. Parkside Financial Bank & Trust increased its position 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 during the period. Kernodle & Katon Asset Management Group LLC increased its position 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 during the period. Koshinski Asset Management Inc. acquired a new position in shares of Paychex during the second quarter worth approximately $201,000. Finally, Denver Investment Advisors LLC increased its position 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 during the period. 68.68% of the stock is owned by hedge funds and other institutional investors.

Paychex, Inc. (NASDAQ PAYX) opened at 56.11 on Wednesday. Paychex, Inc. has a 52-week low of $52.78 and a 52-week high of $63.03. The firm has a market cap of $20.17 billion, a P/E ratio of 24.94 and a beta of 0.96. The company’s 50 day moving average is $56.59 and its 200 day moving average is $58.75.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. During the same quarter last year, the firm posted $0.49 EPS. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts forecast that Paychex, Inc. will post $2.37 EPS for the current fiscal year.

The firm 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 dividend of $0.50 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.56%.

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PAYX has been the subject of a number of recent research reports. Wedbush reissued a “neutral” rating and issued a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and cut their price target for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Robert W. Baird cut their price target 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 cut their price target 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 analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $59.28.

In other news, VP Laurie L. Zaucha sold 2,884 shares of the firm’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 completion of the transaction, the vice president now owns 32,906 shares in the company, valued at approximately $1,888,475.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of the firm’s stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the transaction, the vice president now owns 46,548 shares of the company’s stock, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,497 shares of company stock valued at $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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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