Confluence Investment Management LLC Sells 40,001 Shares of Paychex, Inc. $PAYX

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Confluence Investment Management LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 3.9%, selling 40,001 shares and now holding 987,259 shares valued at approximately $110.75 million. Despite Paychex beating Q4 earnings expectations and announcing a $1.0 billion share buyback program, several analysts have recently cut their price targets, resulting in an average “Reduce” rating and a target price of $121.38. The company also declared a quarterly dividend of $1.08 per share, yielding 4.7%.

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