JPMorgan Chase & Co. Reduces Stock Holdings in Paychex, Inc. $PAYX

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JPMorgan Chase & Co. significantly reduced its stake in Paychex, Inc. by 35.3% in the third quarter, selling 897,004 shares but still retaining roughly 0.46% of the company valued at $208.6 million. This reduction comes despite Paychex topping earnings estimates, announcing a $1 billion share buyback, and declaring a $1.08 quarterly dividend. However, analyst sentiment for Paychex remains cautious, with an average “Reduce” rating and a consensus price target of $123.94, partly due to a high dividend payout ratio of 97.96%.

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