Parthenon LLC Sells 1,865 Shares of Paychex, Inc. (NASDAQ:PAYX)

Parthenon LLC decreased its stake in Paychex, Inc. (NASDAQ:PAYX) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,258 shares of the business services provider’s stock after selling 1,865 shares during the quarter. Paychex makes up about 5.0% of Parthenon LLC’s investment portfolio, making the stock its 3rd largest position. Parthenon LLC owned 0.08% of Paychex worth $23,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in PAYX. Dimensional Fund Advisors LP boosted its stake in Paychex by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,211,954 shares of the business services provider’s stock valued at $78,958,000 after buying an additional 89,380 shares in the last quarter. Geode Capital Management LLC raised its position in Paychex by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock valued at $339,236,000 after purchasing an additional 270,888 shares during the last quarter. First Hawaiian Bank raised its position in Paychex by 565.4% in the 1st quarter. First Hawaiian Bank now owns 2,768 shares of the business services provider’s stock valued at $222,000 after purchasing an additional 2,352 shares during the last quarter. Manning & Napier Group LLC raised its position in Paychex by 26.7% in the 1st quarter. Manning & Napier Group LLC now owns 141,097 shares of the business services provider’s stock valued at $11,315,000 after purchasing an additional 29,740 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in Paychex by 33,285.8% in the 1st quarter. Pacer Advisors Inc. now owns 47,074 shares of the business services provider’s stock valued at $3,775,000 after purchasing an additional 46,933 shares during the last quarter. 69.45% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have issued reports on the company. Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Bank of America downgraded 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. William Blair reiterated a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. Finally, BidaskClub upgraded Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $75.08.

Shares of PAYX stock traded down $0.74 on Friday, reaching $83.67. 629,107 shares of the stock were exchanged, compared to its average volume of 1,789,859. The company has a market capitalization of $29.56 billion, a PE ratio of 29.46, a PEG ratio of 2.96 and a beta of 0.86. Paychex, Inc. has a one year low of $61.32 and a one year high of $88.43. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average price is $84.74.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.96%. Paychex’s payout ratio is currently 87.32%.

In related news, VP Robert L. Schrader sold 609 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $83.88, for a total value of $51,082.92. Following the completion of the sale, the vice president now owns 9,166 shares in the company, valued at $768,844.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Martin Mucci sold 19,759 shares of the company’s stock in a transaction dated Saturday, July 6th. The shares were sold at an average price of $85.31, for a total value of $1,685,640.29. Following the completion of the sale, the chief executive officer now 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. In the last 90 days, insiders have sold 85,941 shares of company stock valued at $7,325,791. 11.80% of the stock is currently owned by corporate insiders.

About Paychex

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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