Vanguard Trims Paychex Stake to 7.64% as of Dec 29, 2023

TL;DR

**Vanguard slightly cut its Paychex stake to 7.64%, a minor but notable shift.**

AI Summary

The Vanguard Group, a major investment firm based in Pennsylvania, filed an amended SC 13G/A on February 13, 2024, for its holdings in Paychex Inc. This filing indicates that as of December 29, 2023, Vanguard holds 27,882,538 shares of Paychex common stock, representing 7.64% of the company. This is an amendment to their previous filing, showing a slight decrease from their prior reported ownership of 28,004,809 shares (7.67%), which matters to investors as it signals a minor reduction in a major institutional investor's stake, potentially indicating a rebalancing or slight shift in their investment thesis for Paychex.

Why It Matters

This filing shows a slight reduction in Vanguard's ownership of Paychex, which could suggest a minor re-evaluation by a major institutional investor, potentially influencing other investors' perceptions of the stock.

Risk Assessment

Risk Level: low — The change in ownership is very small, indicating no significant shift in investment strategy or major concerns from Vanguard.

Analyst Insight

Investors should note the minor reduction in Vanguard's stake but recognize that their continued significant ownership (over 7%) still signals long-term confidence in Paychex. This small change is unlikely to warrant immediate action but should be monitored in conjunction with other market news.

Key Numbers

• 27,882,538 — Shares Beneficially Owned (The total number of Paychex common stock shares Vanguard owns as of December 29, 2023.)
• 7.64% — Percentage of Class (The percentage of Paychex's common stock that Vanguard beneficially owns.)
• 0 — Sole Voting Power (Vanguard holds no sole voting power over the shares, indicating they are likely held in various funds.)
• 27,882,538 — Shared Voting Power (Vanguard has shared voting power over all the shares, typical for an investment manager.)
• 27,882,538 — Shared Dispositive Power (Vanguard has shared dispositive power over all the shares, meaning they can decide to sell them.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Paychex Inc (company) — subject company whose securities are being reported
• 27,882,538 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 7.64% (dollar_amount) — percentage of Paychex's common stock owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

• Vanguard will maintain a significant, albeit slightly reduced, stake in Paychex Inc. for the foreseeable future. (The Vanguard Group) — high confidence, target: December 31, 2024

FAQ

Filing Documents

• tv01663-paychexinc.htm (SC 13G/A) — 11KB
• 0001104659-24-021677.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Paychex Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 911 Panorama Trail South Rochester, NY 14625-2396

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 704326107

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR