Baxter Bros Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 86,941 shares of the business services provider’s stock after buying an additional 163 shares during the period. Paychex makes up about 1.5% of Baxter Bros Inc.’s holdings, making the stock its 21st largest position. Baxter Bros Inc.’s holdings in Paychex were worth $4,950,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares during the last quarter. Vanguard Group Inc. boosted its stake in Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares during the last quarter. State Street Corp boosted its stake in Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares during the last quarter. FMR LLC boosted its stake in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares during the last quarter. 68.68% of the stock is owned by institutional investors.

Paychex, Inc. (PAYX) opened at 55.59 on Wednesday. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03. The firm has a 50 day moving average of $56.81 and a 200-day moving average of $58.87. The stock has a market cap of $19.98 billion, a PE ratio of 24.71 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the business posted $0.49 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be issued a $0.50 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.60%.

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PAYX has been the subject of a number of analyst reports. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Robert W. Baird decreased their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Wedbush reissued a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Morgan Stanley decreased their target price on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $59.16.

In related news, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Efrain Rivera sold 5,837 shares of the company’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the sale, the insider now owns 53,395 shares of the company’s stock, valued at approximately $3,064,339.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,497 shares of company stock valued at $5,300,889. Company insiders own 11.60% of the company’s stock.

About Paychex

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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