Paychex, Inc. (NASDAQ:PAYX) is Grandfield & Dodd LLC’s 8th Largest Position

Grandfield & Dodd LLC raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 382,326 shares of the business services provider’s stock after buying an additional 2,310 shares during the period. Paychex comprises 2.6% of Grandfield & Dodd LLC’s investment portfolio, making the stock its 8th largest position. Grandfield & Dodd LLC’s holdings in Paychex were worth $21,770,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PAYX. Teachers Advisors LLC boosted its stake in Paychex by 13.4% in the fourth quarter. Teachers Advisors LLC now owns 391,570 shares of the business services provider’s stock valued at $23,839,000 after buying an additional 46,364 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock valued at $1,254,000 after buying an additional 6,500 shares in the last quarter. Creative Planning boosted its stake in Paychex by 5.6% in the first quarter. Creative Planning now owns 29,877 shares of the business services provider’s stock valued at $1,760,000 after buying an additional 1,576 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in Paychex by 2.4% in the first quarter. Gulf International Bank UK Ltd now owns 99,911 shares of the business services provider’s stock valued at $5,884,000 after buying an additional 2,300 shares in the last quarter. Finally, National Pension Service boosted its stake in Paychex by 4.9% in the first quarter. National Pension Service now owns 290,658 shares of the business services provider’s stock valued at $17,187,000 after buying an additional 13,699 shares in the last quarter. Hedge funds and other institutional investors own 68.60% of the company’s stock.

Paychex, Inc. (PAYX) opened at 54.78 on Friday. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03. The company has a market capitalization of $19.69 billion, a price-to-earnings ratio of 24.35 and a beta of 0.96. The firm’s 50-day moving average price is $57.19 and its 200-day moving average price is $59.04.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the previous year, the company posted $0.49 EPS. Paychex’s revenue was up 6.0% on a year-over-year basis. On average, equities analysts expect that Paychex, Inc. will post $2.37 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46.

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PAYX has been the topic of several analyst reports. Wedbush restated a “neutral” rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and lowered their target price for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and issued a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird lowered their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. Paychex currently has an average rating of “Hold” and an average target price of $59.16.

In other Paychex news, VP Mark Anthony Bottini sold 7,139 shares of the company’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the sale, the vice president now owns 46,548 shares in the company, valued at approximately $2,671,389.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the sale, the chief executive officer now owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock valued at $5,300,889 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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