Canandaigua National Trust Co of Florida Invests $326,000 in Paychex, Inc. (NASDAQ:PAYX)

Canandaigua National Trust Co of Florida bought a new position in Paychex, Inc. (NASDAQ:PAYX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,114 shares of the business services provider's stock, valued at approximately $326,000.

A number of other large investors have also recently bought and sold shares of PAYX. Meeder Asset Management Inc. increased its stake in shares of Paychex by 220.7% during the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after acquiring an additional 128 shares during the period. WealthTrak Capital Management LLC purchased a new position in Paychex during the 4th quarter worth approximately $28,000. Millstone Evans Group LLC purchased a new position in Paychex during the 4th quarter worth approximately $33,000. Alpine Bank Wealth Management purchased a new position in Paychex during the 1st quarter worth approximately $34,000. Finally, Tsfg LLC grew its position in Paychex by 122.3% during the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after purchasing an additional 126 shares in the last quarter. Institutional investors own 83.47% of the company's stock.

Paychex Trading Up 2.1%

Shares of NASDAQ:PAYX opened at $143.94 on Monday. The stock has a market capitalization of $51.85 billion, a PE ratio of 31.50, a P/E/G ratio of 2.95 and a beta of 0.92. Paychex, Inc. has a 1 year low of $115.40 and a 1 year high of $161.24. The firm has a fifty day moving average price of $151.73 and a 200 day moving average price of $147.85. The company has a current ratio of 1.28, a quick ratio of 1.39 and a debt-to-equity ratio of 1.10.

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 analysts' consensus estimates of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The firm had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the company posted $1.12 earnings per share. Analysts expect that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 12th were issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 3.00%. This is a boost from Paychex's previous quarterly dividend of $0.98. The ex-dividend date was Monday, May 12th. Paychex's dividend payout ratio is 90.00%.

Insider Buying and Selling at Paychex

In other Paychex news, Director Joseph M. Velli sold 3,650 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the completion of the sale, the director now directly owns 78,455 shares in the company, valued at $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.40% of the company's stock.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of research reports. UBS Group decreased their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday. Jefferies Financial Group set a $140.00 target price on shares of Paychex and gave the company a "hold" rating in a research note on Thursday. 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. Citigroup set a $158.00 target price on shares of Paychex and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Royal Bank Of Canada set a $165.00 target price on shares of Paychex and gave the company a "sector perform" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $149.11.

Paychex Company 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.

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