Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 835,679 shares of the business services provider’s stock after buying an additional 53,436 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.23% of Paychex worth $50,107,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PAYX. National Pension Service boosted its stake in Paychex by 10.3% during the 2nd quarter. National Pension Service now owns 320,708 shares of the business services provider’s stock valued at $18,181,000 after purchasing an additional 30,050 shares during the last quarter. Forte Capital LLC ADV boosted its stake in Paychex by 21.7% during the 2nd quarter. Forte Capital LLC ADV now owns 33,329 shares of the business services provider’s stock valued at $1,898,000 after purchasing an additional 5,948 shares during the last quarter. Somerset Trust Co boosted its stake in Paychex by 2.8% during the 2nd quarter. Somerset Trust Co now owns 27,157 shares of the business services provider’s stock valued at $1,546,000 after purchasing an additional 734 shares during the last quarter. Franklin Street Advisors Inc. NC boosted its stake in Paychex by 9.3% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 108,596 shares of the business services provider’s stock valued at $6,183,000 after purchasing an additional 9,260 shares during the last quarter. Finally, Iowa State Bank boosted its stake in Paychex by 1.8% during the 2nd quarter. Iowa State Bank now owns 4,329 shares of the business services provider’s stock valued at $246,000 after purchasing an additional 77 shares during the last quarter. 68.02% of the stock is owned by institutional investors.

In related news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the transaction, the vice president now directly owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,395 shares of company stock worth $5,914,383. Company insiders own 11.70% of the company’s stock.

PAYX has been the topic of several recent analyst reports. Bank of America increased their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reiterated an “underperform” rating and set a $57.00 target price (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Morgan Stanley reiterated an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Wells Fargo & Company increased their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Finally, Robert W. Baird reiterated a “hold” rating and set a $64.00 target price on shares of Paychex in a research note on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $60.07.

Paychex, Inc. (PAYX) opened at $66.87 on Friday. The stock has a market capitalization of $24,186.45, a price-to-earnings ratio of 29.65, a PEG ratio of 3.65 and a beta of 0.99. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $67.88.

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

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.99%. Paychex’s dividend payout ratio (DPR) is currently 87.34%.

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Paychex Profile

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)

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