Paychex, Inc. (NASDAQ:PAYX) Stock Position Reduced by Grandfield & Dodd LLC

Grandfield & Dodd LLC cut its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 0.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 379,557 shares of the business services provider's stock after selling 2,877 shares during the quarter. Paychex makes up approximately 3.6% of Grandfield & Dodd LLC's portfolio, making the stock its 3rd largest holding. Grandfield & Dodd LLC owned approximately 0.11% of Paychex worth $58,558,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PAYX. Robeco Institutional Asset Management B.V. raised its holdings in Paychex by 118.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 136,876 shares of the business services provider's stock valued at $21,117,000 after acquiring an additional 74,245 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Paychex by 32.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 119,291 shares of the business services provider's stock valued at $18,404,000 after purchasing an additional 29,320 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Paychex by 15.1% during the first quarter. Fifth Third Wealth Advisors LLC now owns 6,419 shares of the business services provider's stock worth $990,000 after buying an additional 843 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Paychex by 7.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,607 shares of the business services provider's stock worth $1,174,000 after buying an additional 502 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Paychex by 4.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 581,529 shares of the business services provider's stock valued at $81,542,000 after buying an additional 23,359 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Martin Mucci sold 97,526 shares of Paychex stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $145.17, for a total value of $14,157,849.42. Following the completion of the transaction, the chairman owned 446,917 shares in the company, valued at approximately $64,878,940.89. This trade represents a 17.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.40% of the stock is currently owned by company insiders.

Paychex Trading Up 0.7%

NASDAQ:PAYX traded up $1.04 on Thursday, reaching $143.29. 1,017,502 shares of the company's stock were exchanged, compared to its average volume of 1,980,717. The firm has a market capitalization of $51.62 billion, a price-to-earnings ratio of 31.37, a price-to-earnings-growth ratio of 3.22 and a beta of 0.88. Paychex, Inc. has a 52-week low of $121.33 and a 52-week high of $161.24. 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 business has a fifty day moving average of $151.49 and a 200-day moving average of $148.18.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share 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 firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $1.12 EPS. As a group, 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. Investors of record on Monday, July 21st will be paid a dividend of $1.08 per share. The ex-dividend date is Monday, July 21st. This represents a $4.32 annualized dividend and a yield of 3.01%. Paychex's payout ratio is 94.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus cut their price objective on shares of Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a research report on Thursday, June 26th. JPMorgan Chase & Co. raised their price target on shares of Paychex from $140.00 to $148.00 and gave the stock an "underweight" rating in a report on Wednesday, June 18th. Citigroup set a $158.00 price objective on Paychex and gave the company a "neutral" rating in a report on Tuesday, June 24th. UBS Group cut their target price on Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, June 26th. Finally, Royal Bank Of Canada set a $165.00 price target on 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 ten have given a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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.