Merit Financial Group LLC Sells 24,544 Shares of Paychex, Inc. $PAYX

Merit Financial Group LLC reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 50.2% in the fourth quarter, selling 24,544 shares and retaining 24,308 shares valued at $2.727 million. Despite Paychex beating quarterly earnings and revenue expectations and authorizing a $1.0 billion share buyback, several analysts have lowered price targets, and the stock currently holds a consensus “Reduce” rating with an average target of $106.38. Institutional investors, including Vanguard Group Inc. and Voloridge Investment Management LLC, have made significant adjustments to their holdings in Paychex.

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