Kornitzer Capital Management Inc. KS Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

Kornitzer Capital Management Inc. KS reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 43.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,918 shares of the business services provider’s stock after selling 52,750 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Paychex were worth $5,754,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Glassman Wealth Services raised its position in Paychex by 125.0% during the 1st quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock worth $25,000 after buying an additional 170 shares during the last quarter. FinTrust Capital Advisors LLC raised its position in Paychex by 64.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock worth $25,000 after buying an additional 122 shares during the last quarter. Ellevest Inc. purchased a new position in Paychex during the 1st quarter worth approximately $27,000. Manchester Financial Inc. purchased a new position in Paychex during the 2nd quarter worth approximately $29,000. Finally, Covenant Multifamily Offices LLC purchased a new position in Paychex during the 1st quarter worth approximately $33,000. 69.85% of the stock is owned by hedge funds and other institutional investors.

In other news, VP Robert L. Schrader sold 609 shares of Paychex stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $83.88, for a total transaction of $51,082.92. Following the completion of the transaction, the vice president now directly owns 9,166 shares of the company’s stock, valued at approximately $768,844.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Efrain Rivera sold 476 shares of Paychex stock in a transaction on Friday, July 12th. The shares were sold at an average price of $85.72, for a total transaction of $40,802.72. Following the completion of the sale, the chief financial officer now directly owns 62,192 shares in the company, valued at approximately $5,331,098.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,996 shares of company stock valued at $4,763,436. Insiders own 11.80% of the company’s stock.



A number of research firms have issued reports on PAYX. Bank of America lowered shares of Paychex from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 26th. They noted that the move was a valuation call. William Blair reissued a “market perform” rating on shares of Paychex in a research report on Thursday, June 27th. BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Sanford C. Bernstein lowered shares of Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th. Finally, Morgan Stanley lowered shares of Paychex from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $77.00 to $74.00 in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $76.09.

NASDAQ:PAYX opened at $80.52 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $29.75 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 2.98 and a beta of 0.86. The company’s 50 day moving average price is $84.34. Paychex, Inc. has a 1-year low of $61.32 and a 1-year high of $88.43.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Wednesday, July 31st. Paychex’s dividend payout ratio (DPR) is 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.

Read More: Trading Ex-Dividend Strategy

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)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.