Brown Advisory Inc. Reduces Stake in Paychex, Inc. (PAYX)

Brown Advisory Inc. decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 73.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,302 shares of the business services provider’s stock after selling 107,858 shares during the quarter. Brown Advisory Inc.’s holdings in Paychex were worth $2,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAYX. Tiedemann Wealth Management LLC grew its holdings in Paychex by 24.3% during the third quarter. Tiedemann Wealth Management LLC now owns 10,574 shares of the business services provider’s stock worth $344,000 after purchasing an additional 2,069 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Paychex by 4.8% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,559,995 shares of the business services provider’s stock worth $93,538,000 after acquiring an additional 71,029 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Paychex by 6.8% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 835,679 shares of the business services provider’s stock worth $50,107,000 after acquiring an additional 53,436 shares during the period. Ropes Wealth Advisors LLC boosted its holdings in shares of Paychex by 34.7% during the third quarter. Ropes Wealth Advisors LLC now owns 6,178 shares of the business services provider’s stock worth $370,000 after acquiring an additional 1,590 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Paychex by 2.2% during the third quarter. Amalgamated Bank now owns 38,734 shares of the business services provider’s stock worth $2,322,000 after acquiring an additional 849 shares during the period. 67.82% of the stock is currently owned by hedge funds and other institutional investors.

In other news, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold 79,395 shares of company stock worth $5,014,383 in the last ninety days. Insiders own 11.70% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and set a $68.00 price objective on shares of Paychex in a report on Friday, December 22nd. BidaskClub downgraded shares of Paychex from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 22nd. BMO Capital Markets restated a “market perform” rating and set a $62.00 price objective (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and set a $64.00 price objective on shares of Paychex in a research report on Wednesday, October 4th. Finally, Morgan Stanley restated an “equal weight” rating and set a $59.00 price objective (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. Paychex presently has an average rating of “Hold” and a consensus price target of $61.87.

Shares of Paychex, Inc. (NASDAQ:PAYX) traded down $0.26 during trading on Friday, hitting $68.08. 1,210,859 shares of the company traded hands, compared to its average volume of 1,995,301. Paychex, Inc. has a one year low of $54.20 and a one year high of $70.39. The company has a market capitalization of $24,546.74, a PE ratio of 29.22, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.59. The business had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 earnings per share. research analysts forecast that Paychex, Inc. will post 2.38 EPS for the current fiscal year.

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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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