Paychex, Inc. (PAYX) Shares Sold by Williams Jones & Associates LLC
Williams Jones & Associates LLC trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 10.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 330,461 shares of the business services provider’s stock after selling 37,008 shares during the period. Williams Jones & Associates LLC owned approximately 0.09% of Paychex worth $18,816,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAYX. Royal Bank of Canada lifted its position in Paychex by 3.3% during the second quarter. Royal Bank of Canada now owns 3,081,752 shares of the business services provider’s stock valued at $175,475,000 after purchasing an additional 97,170 shares during the period. AHL Partners LLP lifted its holdings in shares of Paychex by 18.8% during the 2nd quarter. AHL Partners LLP now owns 168,121 shares of the business services provider’s stock valued at $9,573,000 after buying an additional 26,588 shares during the period. Salem Investment Counselors Inc. lifted its holdings in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the period. QCM Cayman Ltd. bought a new position in shares of Paychex during the 2nd quarter valued at $514,000. Finally, Sun Life Financial INC boosted its stake in shares of Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after buying an additional 2,326 shares during the last quarter. 67.31% of the stock is owned by hedge funds and other institutional investors.
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Shares of Paychex, Inc. (NASDAQ:PAYX) traded down 0.18% during midday trading on Monday, reaching $59.85. The company’s stock had a trading volume of 2,263,394 shares. The stock has a market capitalization of $21.51 billion, a PE ratio of 26.60 and a beta of 0.98. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a 50 day moving average price of $56.38 and a 200-day moving average price of $58.35.
Several brokerages recently commented on PAYX. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus restated a “hold” rating and set a $61.00 price target on shares of Paychex in a research note on Friday, August 18th. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $59.28.
In other news, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares of the company’s stock, valued at $3,193,276.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total transaction of $165,512.76. Following the completion of the transaction, the vice president now owns 32,906 shares of the company’s stock, valued at approximately $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold a total of 107,497 shares of company stock valued at $6,200,889 over the last three months. Corporate insiders own 11.70% of the company’s stock.
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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