Canandaigua National Bank & Trust Co. Sells 2,075 Shares of Paychex, Inc. (PAYX)

Canandaigua National Bank & Trust Co. trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 101,729 shares of the business services provider’s stock after selling 2,075 shares during the quarter. Paychex makes up about 1.2% of Canandaigua National Bank & Trust Co.’s holdings, making the stock its 18th biggest position. Canandaigua National Bank & Trust Co.’s holdings in Paychex were worth $6,926,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Paychex by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after acquiring an additional 64,254 shares during the period. Legal & General Group Plc increased its holdings in shares of Paychex by 4.0% in the 3rd quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock valued at $121,718,000 after acquiring an additional 78,937 shares during the period. Swiss National Bank increased its holdings in shares of Paychex by 0.8% in the 3rd quarter. Swiss National Bank now owns 1,853,303 shares of the business services provider’s stock valued at $111,124,000 after acquiring an additional 15,200 shares during the period. Confluence Investment Management LLC increased its holdings in shares of Paychex by 1.9% in the 4th quarter. Confluence Investment Management LLC now owns 1,735,799 shares of the business services provider’s stock valued at $118,173,000 after acquiring an additional 31,635 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Paychex by 4.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,629,308 shares of the business services provider’s stock valued at $110,924,000 after acquiring an additional 69,313 shares during the period. 67.98% of the stock is currently owned by institutional investors and hedge funds.

Paychex, Inc. (PAYX) opened at $64.74 on Thursday. The stock has a market cap of $23,240.00, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 3.46 and a beta of 0.95. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $73.10.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. During the same period in the prior year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. research analysts anticipate that Paychex, Inc. will post 2.39 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.09%. Paychex’s dividend payout ratio (DPR) is presently 85.84%.

In other news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the transaction, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

Several equities analysts have issued reports on PAYX shares. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 22nd. Bank of America boosted their price objective on shares of Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. Stifel Nicolaus reissued a “hold” rating and issued a $68.00 price objective on shares of Paychex in a research note on Friday, December 22nd. BMO Capital Markets reissued a “hold” rating and issued a $70.00 price objective on shares of Paychex in a research note on Wednesday, January 24th. Finally, Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective on the stock in a research note on Monday, December 4th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus price target of $62.77.

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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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