Paychex, Inc. (NASDAQ:PAYX) Shares Sold by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC reduced its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 3.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 59,556 shares of the business services provider's stock after selling 2,367 shares during the quarter. Paychex comprises about 1.3% of MainStreet Investment Advisors LLC's holdings, making the stock its 23rd largest position. MainStreet Investment Advisors LLC's holdings in Paychex were worth $9,188,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Paychex by 26.3% during the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock worth $801,000 after purchasing an additional 1,190 shares during the period. Proficio Capital Partners LLC grew its stake in shares of Paychex by 117.4% during the 4th quarter. Proficio Capital Partners LLC now owns 4,057 shares of the business services provider's stock worth $569,000 after purchasing an additional 2,191 shares during the period. Larson Financial Group LLC grew its stake in shares of Paychex by 17.0% during the 4th quarter. Larson Financial Group LLC now owns 717 shares of the business services provider's stock worth $101,000 after purchasing an additional 104 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Paychex by 34.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 200,650 shares of the business services provider's stock worth $28,135,000 after purchasing an additional 51,470 shares during the period. Finally, Johnson Investment Counsel Inc. grew its stake in shares of Paychex by 5.5% during 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 institutional investors and hedge funds.

Paychex Stock Performance

Paychex stock opened at $145.94 on Thursday. The company has a market cap of $52.57 billion, a PE ratio of 31.93, a P/E/G ratio of 3.32 and a beta of 0.88. The company has a fifty day moving average price of $152.08 and a two-hundred day moving average price of $148.12. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.39. Paychex, Inc. has a 12 month low of $115.40 and a 12 month high of $161.24.

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

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.96%. Paychex's payout ratio is 94.53%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PAYX. Stifel Nicolaus lowered their price objective on shares of Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a research note on Thursday, June 26th. Jefferies Financial Group set a $140.00 price objective on shares of Paychex and gave the stock a "hold" rating in a report on Thursday, June 26th. Cfra Research upgraded shares of Paychex to a "hold" rating in a report on Thursday, March 27th. Morgan Stanley cut their price target on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a report on Friday, June 27th. Finally, BMO Capital Markets initiated coverage on shares of Paychex in a research note on Thursday. They set a "market perform" rating and a $160.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $150.20.

Insider Transactions at Paychex

In other Paychex 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 sale, the director directly owned 78,455 shares in the company, valued at approximately $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 11.40% of the company's stock.

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.

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