Mutual of America Capital Management LLC lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,613 shares of the business services provider’s stock after buying an additional 1,655 shares during the period. Mutual of America Capital Management LLC’s holdings in Paychex were worth $2,435,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of PAYX. Motley Fool Wealth Management LLC lifted its stake in shares of Paychex by 102.0% during the first quarter. Motley Fool Wealth Management LLC now owns 30,078 shares of the business services provider’s stock worth $1,772,000 after buying an additional 15,187 shares during the period. First Business Financial Services Inc. acquired a new stake in shares of Paychex during the first quarter worth $494,000. Rafferty Asset Management LLC lifted its stake in shares of Paychex by 11.3% during the first quarter. Rafferty Asset Management LLC now owns 18,297 shares of the business services provider’s stock worth $1,078,000 after buying an additional 1,856 shares during the period. Credit Agricole S A lifted its stake in shares of Paychex by 56.0% during the first quarter. Credit Agricole S A now owns 298,462 shares of the business services provider’s stock worth $17,581,000 after buying an additional 107,104 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Paychex by 7.7% during the first quarter. Van ECK Associates Corp now owns 6,609 shares of the business services provider’s stock worth $389,000 after buying an additional 472 shares during the period. Institutional investors and hedge funds own 67.13% of the company’s stock.
Several equities research analysts have recently commented on PAYX shares. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus restated a “hold” rating and set a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. Finally, Citigroup Inc. restated a “sell” rating and set a $53.00 target price on shares of Paychex in a research report on Monday, October 2nd. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $60.07.
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In other news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the completion of the sale, the vice president now owns 51,360 shares in the company, valued at approximately $3,081,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Laurie L. Zaucha sold 17,354 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Insiders sold a total of 88,395 shares of company stock valued at $5,532,183 in the last 90 days. Company insiders own 11.70% of the company’s stock.
Paychex, Inc. (NASDAQ:PAYX) opened at 64.47 on Tuesday. The firm has a 50 day moving average of $61.56 and a 200-day moving average of $58.74. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $65.62. The firm has a market cap of $23.14 billion, a P/E ratio of 28.28 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period last year, the firm posted $0.60 EPS. Paychex’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities research analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s dividend payout ratio (DPR) is presently 87.34%.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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