Paychex, Inc. (PAYX) Stake Lessened by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,070,368 shares of the business services provider’s stock after selling 32,366 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.30% of Paychex worth $64,179,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PAYX. Salem Investment Counselors Inc. lifted its stake in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in Paychex in the 2nd quarter valued at about $129,000. Sun Life Financial INC lifted its stake in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Paychex in the 2nd quarter valued at about $145,000. Finally, Koshinski Asset Management Inc. purchased a new position in Paychex in the 2nd quarter valued at about $201,000. 68.02% of the stock is currently owned by institutional investors.

PAYX has been the topic of a number of research reports. Royal Bank Of Canada reissued a “sell” rating and issued a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. Bank of America raised their target price on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Citigroup reissued a “sell” rating and issued a $53.00 target price on shares of Paychex in a research note on Monday, October 2nd. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Wells Fargo & Company raised their target price on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $60.07.

In other Paychex news, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction that occurred on Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the transaction, the vice president now directly owns 51,360 shares of the company’s stock, valued at approximately $3,081,600. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 in the last three months. 11.70% of the stock is currently owned by corporate insiders.

Paychex, Inc. (NASDAQ PAYX) traded up $0.74 during trading on Monday, reaching $67.61. 2,604,383 shares of the company traded hands, compared to its average volume of 1,987,681. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $68.56. The firm has a market cap of $24,028.35, a P/E ratio of 29.46, a PEG ratio of 3.62 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same quarter last year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. analysts predict that Paychex, Inc. will post 2.38 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 2.96%. Paychex’s dividend payout ratio is presently 87.34%.

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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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