Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 11.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,010 shares of the business services provider’s stock after selling 1,143 shares during the quarter. Redmond Asset Management LLC’s holdings in Paychex were worth $741,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ronna Sue Cohen grew its position in Paychex by 7,736.0% in the first quarter. Ronna Sue Cohen now owns 4,003,822 shares of the business services provider’s stock worth $4,004,000 after buying an additional 3,952,727 shares during the last quarter. BlackRock Inc. grew its position in Paychex by 12.3% in the first quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock worth $2,523,549,000 after buying an additional 3,435,500 shares during the last quarter. California Public Employees Retirement System grew its position in Paychex by 23.5% in the first quarter. California Public Employees Retirement System now owns 2,145,270 shares of the business services provider’s stock worth $172,051,000 after buying an additional 408,769 shares during the last quarter. Janus Henderson Group PLC grew its position in Paychex by 54.5% in the second quarter. Janus Henderson Group PLC now owns 856,192 shares of the business services provider’s stock worth $70,456,000 after buying an additional 301,970 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in Paychex by 489.7% in the first quarter. BNP Paribas Arbitrage SA now owns 331,032 shares of the business services provider’s stock worth $26,549,000 after buying an additional 274,894 shares during the last quarter. Institutional investors and hedge funds own 69.85% of the company’s stock.

PAYX has been the topic of several recent research reports. BidaskClub upgraded shares of Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Sanford C. Bernstein lowered shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. William Blair restated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Bank of America lowered shares of Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. Finally, Morgan Stanley lowered shares of Paychex from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $77.00 to $74.00 in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus target price of $76.09.

In other Paychex news, VP Mark Anthony Bottini sold 2,366 shares of Paychex stock in a transaction on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $201,843.46. Following the completion of the sale, the vice president now owns 55,767 shares of the company’s stock, valued at approximately $4,757,482.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Martin Mucci sold 19,759 shares of Paychex stock in a transaction on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $1,685,640.29. Following the sale, the chief executive officer now directly owns 280,170 shares of the company’s stock, valued at approximately $23,901,302.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,996 shares of company stock worth $4,763,436. Corporate insiders own 11.80% of the company’s stock.

NASDAQ PAYX traded down $0.69 on Thursday, hitting $80.37. 54,436 shares of the stock were exchanged, compared to its average volume of 1,739,104. Paychex, Inc. has a 52-week low of $61.32 and a 52-week high of $88.43. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market cap of $29.75 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 2.98 and a beta of 0.86. The business’s 50-day moving average price is $84.34.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The firm had revenue of $980.40 million for the quarter, compared to analysts’ expectations of $978.94 million. During the same quarter in the previous year, the firm posted $0.61 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Equities analysts forecast that Paychex, Inc. will post 3.09 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 1st will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, July 31st. Paychex’s payout ratio is 87.32%.

Paychex Company Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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