Cetera Advisor Networks LLC Cuts Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Cetera Advisor Networks LLC decreased its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,385 shares of the business services provider’s stock after selling 168 shares during the period. Cetera Advisor Networks LLC’s holdings in Paychex were worth $858,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. boosted its position in Paychex by 9.7% in the second quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock worth $2,841,008,000 after purchasing an additional 3,058,635 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Paychex by 15,792.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,299,048 shares of the business services provider’s stock valued at $106,899,000 after buying an additional 1,290,874 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Paychex by 11.0% during the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after buying an additional 919,406 shares during the last quarter. APG Asset Management N.V. lifted its position in shares of Paychex by 73.8% during the 2nd quarter. APG Asset Management N.V. now owns 1,756,381 shares of the business services provider’s stock valued at $126,917,000 after buying an additional 745,800 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its position in shares of Paychex by 27.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock valued at $260,697,000 after buying an additional 686,831 shares during the last quarter. 70.02% of the stock is currently owned by institutional investors.

NASDAQ:PAYX opened at $84.70 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. Paychex, Inc. has a 52-week low of $61.32 and a 52-week high of $88.43. The firm has a market cap of $30.24 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 3.88 and a beta of 0.89. The business’s fifty day moving average is $83.64 and its 200 day moving average is $84.06.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The company had revenue of $992.00 million for the quarter, compared to analyst estimates of $991.70 million. During the same period in the previous year, the company posted $0.67 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts predict that Paychex, Inc. will post 3.11 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Friday, November 1st will be paid a dividend of $0.62 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.93%. Paychex’s payout ratio is 87.32%.

In related news, CEO Martin Mucci sold 31,865 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the sale, the chief executive officer now directly owns 362,806 shares in the company, valued at approximately $30,787,717.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Pamela A. Joseph sold 22,339 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $85.06, for a total value of $1,900,155.34. Following the sale, the director now owns 17,587 shares in the company, valued at $1,495,950.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,256 shares of company stock worth $5,707,113. 11.70% of the stock is currently owned by corporate insiders.

PAYX has been the topic of a number of recent research reports. Cowen initiated coverage on Paychex in a research report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price target on the stock. BidaskClub raised Paychex from a “sell” rating to a “hold” rating in a research report on Friday. ValuEngine cut Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays upped their price target on Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley cut Paychex from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $79.33.

Paychex Company Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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