Keystone Financial Planning Inc. increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 27.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,276 shares of the business services provider’s stock after buying an additional 19,008 shares during the quarter. Paychex comprises about 3.0% of Keystone Financial Planning Inc.’s holdings, making the stock its 16th largest position. Keystone Financial Planning Inc.’s holdings in Paychex were worth $5,353,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Paychex by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after purchasing an additional 589,880 shares in the last quarter. FMR LLC boosted its holdings in Paychex by 6.2% in the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after purchasing an additional 610,088 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Paychex by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after purchasing an additional 64,254 shares in the last quarter. Royal Bank of Canada boosted its holdings in Paychex by 3.3% in the 2nd 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 in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its holdings in Paychex by 2.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,191,736 shares of the business services provider’s stock valued at $124,797,000 after purchasing an additional 57,610 shares in the last quarter. 67.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Paychex, Inc. (NASDAQ:PAYX) traded down $0.72 during trading on Friday, hitting $64.92. The company had a trading volume of 1,589,898 shares, compared to its average volume of 1,753,085. Paychex, Inc. has a 1 year low of $54.20 and a 1 year high of $66.31. The firm has a market cap of $23,327.64, a P/E ratio of 28.60, a P/E/G ratio of 3.52 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same period in the previous year, the firm posted $0.60 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts expect that Paychex, Inc. will post 2.38 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.08%. Paychex’s dividend payout ratio is currently 87.34%.

In related news, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer R. Vossler sold 11,155 shares of Paychex stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. Insiders have sold a total of 94,395 shares of company stock valued at $5,914,383 over the last 90 days. Insiders own 11.70% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Keystone Financial Planning Inc. Grows Position in Paychex, Inc. (PAYX)” was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this story on another website, it was stolen and reposted in violation of U.S. & international copyright legislation. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/11/19/keystone-financial-planning-inc-grows-position-in-paychex-inc-payx.html.

PAYX has been the topic of a number of analyst reports. Bank of America Corporation lifted their price objective on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 price objective (up previously from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. Robert W. Baird reaffirmed a “hold” rating and issued a $64.00 price objective on shares of Paychex in a report on Wednesday, October 4th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price objective (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $60.07.

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Stock Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related stocks with our FREE daily email newsletter.