CII Discloses 23.1M Shares of PAYX, Holding 6.4% Passively

Rhea-AI Filing Summary

Capital International Investors reports beneficial ownership of 23,108,013 shares of Paychex, Inc. common stock, representing 6.4% of the 360,190,668 shares the filing states are outstanding. The filer, organized in Delaware, is identified as an investment adviser (type IA) and says it has sole voting power over 22,758,850 shares and sole dispositive power over 23,108,013 shares, with no shared voting or dispositive power. The filing states these securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Stake size: Beneficial ownership of 23,108,013 shares, representing 6.4% of outstanding stock
• Clear voting/dispositive authority: Reports sole voting power for 22,758,850 shares and sole dispositive power for 23,108,013 shares
• Passive intent stated: Certification that shares are held in the ordinary course of business and not to change control

Negative

• None.

Insights

Financial Analyst

TL;DR: Capital International Investors holds a passive 6.4% stake (23.1M shares) in PAYX with substantial sole voting and dispositive power.

This Schedule 13G/A discloses a sizable passive position that exceeds the 5% reporting threshold, making it material from a disclosure perspective but not necessarily a control action. The filer reports sole voting power of 22,758,850 and sole dispositive power of 23,108,013 shares, and affirms holdings are in the ordinary course of business. For investors, the key implication is that a well-known investment manager holds a meaningful stake while asserting no intent to influence control, which typically suggests monitoring rather than immediate governance changes.

Corporate Governance Expert

TL;DR: A 6.4% passive holding by an IA is material for disclosure but indicates no stated activist intent or group coordination.

The filing classifies the reporting person as an investment adviser (IA) and provides subsidiary/affiliate structure details for Capital International Investors and related investment management entities. Zero shared voting or dispositive power is reported, and the certification asserts the position was not acquired to change or influence control. From a governance standpoint this is a meaningful equity stake that could attract attention, but the document contains no indication of coordinated action or plans to seek board influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Paychex, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

704326107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 704326107

1

Names of Reporting Persons

Capital International Investors

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,758,850.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 23,108,013.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,108,013.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Paychex, Inc.
(b)	Address of issuer's principal executive offices: 911 PANORAMA TRAIL SOUTH, ROCHESTER, NY 14625-0397
Item 2.
(a)	Name of person filing: Capital International Investors
(b)	Address or principal business office or, if none, residence: 333 South Hope Street, 55th Fl, Los Angeles, CA 90071
(c)	Citizenship: N/A
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 704326107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 23,108,013 ** **Capital International Investors ("CII") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CII's divisions of each of the investment management entities collectively provide investment management services under the name "Capital International Investors." CII is deemed to be the beneficial owner of 23,108,013 shares or 6.4% of the 360,190,668 shares believed to be outstanding.
(b)	Percent of class: 6.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 22,758,850
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 23,108,013
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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 and are not held 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.

Capital International Investors

Signature:	Jae Won Chung
Name/Title:	Vice President and Senior Counsel II, Capital Research and Management Company
Date:	08/12/2025

FAQ

How many PAYX shares does Capital International Investors own?

Capital International Investors beneficially owns 23,108,013 shares of Paychex (PAYX).

What percentage of PAYX does CII own?

The filing states CII owns 6.4% of the 360,190,668 shares believed to be outstanding.

Does Capital International Investors have voting power over the shares?

Yes. CII reports sole voting power over 22,758,850 shares and no shared voting power.

Is this a passive Schedule 13G filing or an activist 13D?

This is a Schedule 13G/A filing; the filer classifies itself as an investment adviser (type IA) and states the holdings are held in the ordinary course of business, not to influence control.

Who signed the filing for Capital International Investors?

The filing is signed by Jae Won Chung, Vice President and Senior Counsel II at Capital Research and Management Company.