Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Alps Advisors Inc.

Alps Advisors Inc. cut its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 2.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 212,674 shares of the business services provider's stock after selling 6,143 shares during the quarter. Alps Advisors Inc. owned approximately 0.06% of Paychex worth $32,811,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock worth $801,000 after acquiring an additional 1,190 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in Paychex by 117.4% during the 4th quarter. Proficio Capital Partners LLC now owns 4,057 shares of the business services provider's stock valued at $569,000 after buying an additional 2,191 shares in the last quarter. Larson Financial Group LLC grew its holdings in Paychex by 17.0% during the 4th quarter. Larson Financial Group LLC now owns 717 shares of the business services provider's stock valued at $101,000 after buying an additional 104 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Paychex by 34.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 200,650 shares of the business services provider's stock valued at $28,135,000 after acquiring an additional 51,470 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its position in Paychex by 5.5% in the 4th quarter. Johnson Investment Counsel Inc. now owns 4,421 shares of the business services provider's stock worth $620,000 after purchasing an additional 232 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Velli sold 3,650 shares of Paychex stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the sale, the director owned 78,455 shares of the company's stock, valued at $11,709,408.75. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.40% of the stock is currently owned by insiders.

Paychex Stock Down 1.5%

Shares of NASDAQ PAYX traded down $2.13 during mid-day trading on Friday, reaching $143.18. The company had a trading volume of 1,100,217 shares, compared to its average volume of 1,975,111. The company has a current ratio of 1.28, a quick ratio of 1.39 and a debt-to-equity ratio of 1.10. The firm has a 50 day simple moving average of $152.05 and a two-hundred day simple moving average of $148.16. The stock has a market cap of $51.57 billion, a P/E ratio of 31.28, a PEG ratio of 3.34 and a beta of 0.88. Paychex, Inc. has a 52-week low of $116.57 and a 52-week high of $161.24.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm posted $1.12 EPS. Sell-side analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Monday, July 21st. Paychex's payout ratio is 94.53%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PAYX shares. UBS Group dropped their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research note on Thursday, June 26th. Barclays set a $155.00 target price on shares of Paychex and gave the company an "equal weight" rating in a research note on Tuesday, June 24th. Stifel Nicolaus lowered their price objective on shares of Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a research note on Thursday, June 26th. BMO Capital Markets began coverage on shares of Paychex in a research report on Thursday. They set a "market perform" rating and a $160.00 target price for the company. Finally, Jefferies Financial Group set a $140.00 price objective on shares of Paychex and gave the stock a "hold" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $150.20.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.