Conning Inc. grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 1,300.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 131,728 shares of the business services provider’s stock after purchasing an additional 122,325 shares during the period. Conning Inc.’s holdings in Paychex were worth $7,898,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Salem Investment Counselors Inc. boosted its stake in shares of Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp purchased a new position in Paychex in the second quarter valued at approximately $129,000. Sun Life Financial INC lifted its stake in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Paychex in the second quarter valued at approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC lifted its stake in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares during the last quarter. 67.13% of the stock is owned by hedge funds and other institutional investors.

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PAYX has been the topic of several research analyst reports. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. Finally, Citigroup Inc. reiterated a “sell” rating and issued a $53.00 price objective on shares of Paychex in a research note on Monday, October 2nd. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. Paychex has an average rating of “Hold” and an average price target of $60.07.

Paychex, Inc. (PAYX) traded up 0.42% on Wednesday, reaching $64.06. The company had a trading volume of 330,494 shares. The stock has a market capitalization of $23.00 billion, a PE ratio of 28.10 and a beta of 0.98. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $65.62. The stock’s 50 day moving average price is $61.74 and its 200-day moving average price is $58.78.

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

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.14%. Paychex’s payout ratio is 87.34%.

In related news, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the transaction, the vice president now directly owns 51,360 shares in the company, valued at approximately $3,081,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 11,155 shares of the company’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock worth $5,532,183 over the last quarter. 11.70% of the stock is currently owned by insiders.

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.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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