Mutual of America Capital Management LLC Sells 1,583 Shares of Paychex, Inc. (NASDAQ:PAYX)

Mutual of America Capital Management LLC trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,416 shares of the business services provider’s stock after selling 1,583 shares during the period. Mutual of America Capital Management LLC’s holdings in Paychex were worth $4,792,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TrinityPoint Wealth LLC boosted its stake in shares of Paychex by 17.3% during the 4th quarter. TrinityPoint Wealth LLC now owns 4,181 shares of the business services provider’s stock worth $498,000 after acquiring an additional 617 shares during the period. Norges Bank acquired a new position in shares of Paychex in the fourth quarter valued at $33,812,000. Gladstone Institutional Advisory LLC bought a new position in shares of Paychex in the fourth quarter valued at about $237,000. Assetmark Inc. lifted its stake in shares of Paychex by 10.3% during the 4th quarter. Assetmark Inc. now owns 6,743 shares of the business services provider’s stock worth $803,000 after buying an additional 632 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new stake in shares of Paychex during the 4th quarter worth about $894,000. 83.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PAYX shares. Morgan Stanley cut their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. JPMorgan Chase & Co. lifted their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. TD Cowen upped their price objective on Paychex from $121.00 to $126.00 and gave the company a “hold” rating in a report on Thursday, September 12th. Royal Bank of Canada reiterated a “sector perform” rating and set a $130.00 price objective on shares of Paychex in a research report on Thursday, June 27th. Finally, Robert W. Baird lowered their price target on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $123.00.

Insider Activity

In related news, Chairman Martin Mucci sold 101,490 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the sale, the director now directly owns 5,383 shares in the company, valued at $674,005.43. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,163 shares of company stock worth $17,537,817. Corporate insiders own 11.50% of the company’s stock.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $133.26 on Friday. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $137.40. The stock has a market capitalization of $47.97 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 3.58 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The company’s 50 day simple moving average is $128.03 and its 200 day simple moving average is $123.82.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a return on equity of 46.63% and a net margin of 32.03%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the company posted $0.97 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts predict that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 8th were paid a $0.98 dividend. The ex-dividend date was Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.94%. Paychex’s payout ratio is currently 83.94%.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.