Zurcher Kantonalbank Zurich Cantonalbank Sells 10,999 Shares of Paychex, Inc. (NASDAQ:PAYX)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 14.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,712 shares of the business services provider’s stock after selling 10,999 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Paychex were worth $4,978,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Vident Investment Advisory LLC increased its holdings in Paychex by 9.4% during the 2nd quarter. Vident Investment Advisory LLC now owns 14,392 shares of the business services provider’s stock worth $1,090,000 after acquiring an additional 1,232 shares during the period. Absher Wealth Management LLC increased its holdings in shares of Paychex by 3.6% in the 2nd quarter. Absher Wealth Management LLC now owns 10,270 shares of the business services provider’s stock worth $778,000 after buying an additional 353 shares during the last quarter. Arrow Financial Corp increased its holdings in shares of Paychex by 8.9% in the 2nd quarter. Arrow Financial Corp now owns 18,227 shares of the business services provider’s stock worth $1,381,000 after buying an additional 1,489 shares during the last quarter. Executive Wealth Management LLC increased its holdings in shares of Paychex by 61.5% in the 2nd quarter. Executive Wealth Management LLC now owns 48,499 shares of the business services provider’s stock worth $3,673,000 after buying an additional 18,467 shares during the last quarter. Finally, Donaldson Capital Management LLC increased its holdings in shares of Paychex by 7.3% in the 2nd quarter. Donaldson Capital Management LLC now owns 487,885 shares of the business services provider’s stock worth $36,957,000 after buying an additional 33,158 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Shares of PAYX opened at $71.92 on Friday. The stock has a market capitalization of $25.96 billion, a P/E ratio of 24.20, a PEG ratio of 3.29 and a beta of 0.95. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $73.79 and a two-hundred day simple moving average of $74.13. Paychex, Inc. has a twelve month low of $47.87 and a twelve month high of $90.54.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, July 7th. The business services provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $915.10 million during the quarter, compared to analysts’ expectations of $910.68 million. Paychex had a net margin of 27.18% and a return on equity of 40.76%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 EPS. Sell-side analysts expect that Paychex, Inc. will post 2.75 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 3rd will be given a $0.62 dividend. The ex-dividend date is Friday, July 31st. This represents a $2.48 annualized dividend and a dividend yield of 3.45%. Paychex’s dividend payout ratio is 82.67%.

A number of equities research analysts have recently issued reports on PAYX shares. BidaskClub cut shares of Paychex from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Jefferies Financial Group upped their price objective on shares of Paychex from $68.00 to $75.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. BMO Capital Markets upped their price objective on shares of Paychex from $70.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Deutsche Bank cut their price objective on shares of Paychex from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Wednesday, May 20th. Finally, Citigroup upped their price objective on shares of Paychex from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. Paychex has a consensus rating of “Hold” and an average price target of $72.50.

In other news, CEO Martin Mucci sold 106,422 shares of the firm’s stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $73.05, for a total value of $7,774,127.10. Following the completion of the sale, the chief executive officer now directly owns 419,197 shares of the company’s stock, valued at approximately $30,622,340.85. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Efrain Rivera sold 396,355 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $73.36, for a total transaction of $29,076,602.80. Following the completion of the sale, the chief financial officer now directly owns 60,767 shares of the company’s stock, valued at $4,457,867.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 616,149 shares of company stock valued at $45,164,779. Corporate insiders own 11.70% of the company’s stock.

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.

Further Reading: How analysts view the yield curve

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.