Omnia Family Wealth LLC Cuts Stake in Paychex, Inc. (NASDAQ:PAYX)

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Omnia Family Wealth LLC decreased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 15.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,550 shares of the business services provider’s stock after selling 471 shares during the period. Omnia Family Wealth LLC’s holdings in Paychex were worth $210,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PAYX. BlackRock Inc. raised its holdings in Paychex by 12.3% in the 1st quarter. BlackRock Inc. now owns 31,465,698 shares of the business services provider’s stock worth $2,523,549,000 after purchasing an additional 3,435,500 shares in the last quarter. Wells Fargo & Company MN grew its position in 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 purchasing an additional 919,406 shares during the last quarter. Northern Trust Corp grew its position in Paychex by 2.1% during the 1st quarter. Northern Trust Corp now owns 5,676,852 shares of the business services provider’s stock valued at $455,285,000 after purchasing an additional 117,877 shares during the last quarter. Geode Capital Management LLC grew its position in Paychex by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 5,212,402 shares of the business services provider’s stock valued at $339,236,000 after purchasing an additional 270,888 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in Paychex by 23.5% during the 1st quarter. California Public Employees Retirement System now owns 2,145,270 shares of the business services provider’s stock valued at $172,051,000 after purchasing an additional 408,769 shares during the last quarter. 70.84% of the stock is owned by institutional investors.

Several brokerages recently commented on PAYX. Morgan Stanley downgraded shares of Paychex from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $77.00 to $74.00 in a research report on Thursday, August 15th. Bank of America downgraded shares of Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. William Blair reaffirmed a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Sanford C. Bernstein downgraded shares of Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. Paychex has an average rating of “Hold” and a consensus target price of $76.20.

In other news, CEO Martin Mucci sold 19,759 shares of the business’s stock in a transaction on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $1,685,640.29. Following the completion of the sale, the chief executive officer now directly owns 280,170 shares of the company’s stock, valued at $23,901,302.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Efrain Rivera sold 3,196 shares of the business’s stock in a transaction on Saturday, July 6th. The shares were sold at an average price of $85.31, for a total transaction of $272,650.76. Following the sale, the chief financial officer now directly owns 57,707 shares of the company’s stock, valued at $4,922,984.17. The disclosure for this sale can be found here. Insiders sold 55,996 shares of company stock worth $4,763,436 in the last 90 days. 11.80% of the stock is currently owned by company insiders.

Shares of PAYX traded up $0.21 on Tuesday, reaching $80.66. The company’s stock had a trading volume of 41,977 shares, compared to its average volume of 1,702,388. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $28.65 billion, a P/E ratio of 28.46, a PEG ratio of 2.87 and a beta of 0.86. The stock’s 50 day simple moving average is $83.78 and its two-hundred day simple moving average is $82.30. Paychex, Inc. has a 12-month low of $61.32 and a 12-month high of $88.43.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). Paychex had a return on equity of 40.99% and a net margin of 27.42%. The firm had revenue of $980.40 million for the quarter, compared to the consensus estimate of $978.94 million. During the same quarter in the previous year, the business posted $0.61 EPS. Paychex’s revenue was up 15.9% on a year-over-year basis. Analysts expect that Paychex, Inc. will post 3.09 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 1st were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.07%. The ex-dividend date was Wednesday, July 31st. Paychex’s dividend payout ratio is presently 87.32%.

About Paychex

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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