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

M&T Bank Corp reduced its holdings in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 4.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 117,815 shares of the business services provider's stock after selling 5,235 shares during the quarter. M&T Bank Corp's holdings in Paychex were worth $18,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PAYX. Brighton Jones LLC grew its position in Paychex by 26.3% during the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock valued at $801,000 after acquiring an additional 1,190 shares during the period. Assetmark Inc. grew its position in Paychex by 9.4% during the fourth quarter. Assetmark Inc. now owns 10,677 shares of the business services provider's stock valued at $1,497,000 after acquiring an additional 916 shares during the period. Proficio Capital Partners LLC grew its position in Paychex by 117.4% during the fourth quarter. Proficio Capital Partners LLC now owns 4,057 shares of the business services provider's stock valued at $569,000 after acquiring an additional 2,191 shares during the period. Larson Financial Group LLC grew its position in Paychex by 17.0% during the fourth quarter. Larson Financial Group LLC now owns 717 shares of the business services provider's stock valued at $101,000 after acquiring an additional 104 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Paychex in the fourth quarter worth about $43,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Performance

Paychex stock traded down $2.02 during trading hours on Friday, hitting $143.29. The stock had a trading volume of 1,910,327 shares, compared to its average volume of 1,977,914. The company has a 50-day moving average of $152.05 and a two-hundred day moving average of $148.16. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The company has a market cap of $51.61 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 3.34 and a beta of 0.88. Paychex, Inc. has a fifty-two week low of $116.57 and a fifty-two week high of $161.24.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its earnings results 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 return on equity of 45.01% and a net margin of 29.75%. The business 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 firm posted $1.12 EPS. On average, equities research analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be given a $1.08 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $4.32 annualized dividend and a dividend yield of 3.01%. Paychex's dividend payout ratio is currently 94.53%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PAYX shares. Royal Bank Of Canada set a $165.00 target price on Paychex and gave the stock a "sector perform" rating in a research report on Tuesday, June 24th. BMO Capital Markets assumed coverage on Paychex in a report on Thursday. They issued a "market perform" rating and a $160.00 price target for the company. Cfra Research raised Paychex to a "hold" rating in a report on Thursday, March 27th. Morgan Stanley reduced their price target on Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Friday, June 27th. Finally, Barclays set a $155.00 price target on Paychex and gave the company an "equal weight" rating in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $150.20.

Insider Activity

In other news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total value of $544,762.50. Following the transaction, the director directly owned 78,455 shares in the company, valued at $11,709,408.75. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.40% of the stock is owned by corporate insiders.

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.