Mutual of America Capital Management LLC Lowers Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Mutual of America Capital Management LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYXFree Report) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,917 shares of the business services provider’s stock after selling 1,249 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Paychex were worth $5,180,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. purchased a new stake in Paychex during the 2nd quarter worth about $26,000. OFI Invest Asset Management purchased a new stake in Paychex in the 3rd quarter valued at about $26,000. Carmel Capital Partners LLC purchased a new stake in Paychex in the 3rd quarter valued at about $28,000. NewSquare Capital LLC grew its holdings in Paychex by 91.7% in the 2nd quarter. NewSquare Capital LLC now owns 255 shares of the business services provider’s stock valued at $29,000 after buying an additional 122 shares during the period. Finally, Larson Financial Group LLC grew its holdings in Paychex by 91.5% in the 3rd quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 72.18% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PAYX. Stifel Nicolaus lifted their price target on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a report on Friday, December 22nd. Barclays lowered their price target on Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, December 22nd. JPMorgan Chase & Co. lowered their price target on Paychex from $134.00 to $126.00 and set an “underweight” rating for the company in a report on Friday, December 22nd. UBS Group began coverage on Paychex in a research note on Tuesday, November 7th. They issued a “neutral” rating and a $120.00 price objective on the stock. Finally, TD Cowen reaffirmed a “market perform” rating and issued a $123.00 price objective (down from $132.00) on shares of Paychex in a research note on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $123.17.

Check Out Our Latest Research Report on Paychex

Paychex Stock Performance

Paychex stock opened at $123.03 on Monday. The stock’s 50 day moving average price is $121.81 and its 200 day moving average price is $119.68. The firm has a market capitalization of $44.27 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 3.32 and a beta of 0.95. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. Paychex, Inc. has a one year low of $104.09 and a one year high of $129.70.

Paychex (NASDAQ:PAYXGet Free Report) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $1.08 EPS for the quarter, topping the consensus estimate of $1.07 by $0.01. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.27 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. Paychex’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. As a group, sell-side analysts expect that Paychex, Inc. will post 4.72 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, February 12th. Paychex’s payout ratio is 79.11%.

Paychex declared that its Board of Directors has approved a share buyback program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Paychex

In other Paychex news, Director David J. S. Flaschen sold 16,031 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $119.79, for a total value of $1,920,353.49. Following the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at approximately $644,829.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Mark Anthony Bottini sold 15,481 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the completion of the sale, the vice president now directly owns 82,690 shares in the company, valued at approximately $9,966,625.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David J. S. Flaschen sold 16,031 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $119.79, for a total value of $1,920,353.49. Following the completion of the sale, the director now owns 5,383 shares of the company’s stock, valued at $644,829.57. The disclosure for this sale can be found here. 11.50% of the stock is currently owned by corporate insiders.

Paychex Profile

(Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYXFree Report).

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.