Manning & Napier Advisors LLC grew its position in Paychex, Inc. (NASDAQ:PAYX) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 81,293 shares of the business services provider’s stock after purchasing an additional 2,526 shares during the period. Manning & Napier Advisors LLC’s holdings in Paychex were worth $4,874,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAYX. Salem Investment Counselors Inc. boosted its holdings in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after acquiring an additional 11 shares in the last quarter. Alps Advisors Inc. boosted its holdings in shares of Paychex by 0.3% in the second quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after acquiring an additional 20 shares in the last quarter. Northwest Quadrant Wealth Management LLC boosted its holdings in shares of Paychex by 0.6% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock valued at $217,000 after acquiring an additional 25 shares in the last quarter. Washington Trust Bank boosted its holdings in shares of Paychex by 0.4% in the second quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock valued at $418,000 after acquiring an additional 31 shares in the last quarter. Finally, Bruderman Asset Management LLC boosted its holdings in shares of Paychex by 0.6% in the second quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock valued at $389,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 67.02% of the company’s stock.

Several research analysts have recently issued reports on PAYX shares. Bank of America Corporation increased their price objective on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Citigroup Inc. restated a “sell” rating and set a $53.00 target price on shares of Paychex in a report on Monday, October 2nd. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Wells Fargo & Company raised their target price on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $60.07.

In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the completion of the sale, the vice president now owns 51,360 shares in the company, valued at approximately $3,081,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jennifer R. Vossler sold 11,155 shares of the stock in a transaction that occurred on Friday, October 6th. The stock was 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. In the last 90 days, insiders sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by insiders.

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Shares of Paychex, Inc. (PAYX) traded down $0.72 during trading hours on Friday, hitting $64.92. 1,589,898 shares of the company traded hands, compared to its average volume of 1,753,085. The stock has a market cap of $23,327.64, a P/E ratio of 28.60, a PEG ratio of 3.52 and a beta of 0.99. Paychex, Inc. has a fifty-two week low of $54.20 and a fifty-two week high of $66.31.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. research analysts predict that Paychex, Inc. will post 2.38 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.08%. Paychex’s dividend payout ratio (DPR) is presently 87.34%.

Paychex Company 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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