M&T Bank Corp Sells 5,235 Shares of Paychex, Inc. (NASDAQ:PAYX)

M&T Bank Corp trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,815 shares of the business services provider's stock after selling 5,235 shares during the period. M&T Bank Corp's holdings in Paychex were worth $18,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. raised its position in shares of Paychex by 220.7% in the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after buying an additional 128 shares during the period. WealthTrak Capital Management LLC purchased a new position in shares of Paychex in the 4th quarter worth $28,000. MorganRosel Wealth Management LLC purchased a new position in shares of Paychex in the 1st quarter worth $34,000. Alpine Bank Wealth Management purchased a new position in shares of Paychex in the 1st quarter worth $34,000. Finally, Tsfg LLC raised its position in shares of Paychex by 122.3% in the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after buying an additional 126 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Down 0.4%

Shares of Paychex stock traded down $0.63 on Thursday, hitting $145.31. 2,792,891 shares of the company traded hands, compared to its average volume of 1,978,184. The company has a 50-day moving average price of $152.08 and a 200 day moving average price of $148.12. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. Paychex, Inc. has a 12-month low of $116.57 and a 12-month high of $161.24. The company has a market cap of $52.34 billion, a PE ratio of 31.80, a PEG ratio of 3.34 and a beta of 0.88.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Monday, July 21st. Paychex's dividend payout ratio is currently 94.53%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Jefferies Financial Group set a $140.00 price objective on Paychex and gave the company a "hold" rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 price objective on Paychex and gave the company a "sector perform" rating in a research report on Tuesday, June 24th. Barclays set a $155.00 price objective on Paychex and gave the company an "equal weight" rating in a research report on Tuesday, June 24th. BMO Capital Markets assumed coverage on Paychex in a research report on Thursday. They issued a "market perform" rating and a $160.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating and ten have given a hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $150.20.

Insider Activity at Paychex

In other 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 transaction, the director owned 78,455 shares of the company's stock, valued at approximately $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.40% of the company's stock.

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.