United Services Automobile Association Has $27.13 Million Stake in Paychex, Inc. (PAYX)

United Services Automobile Association lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 460,687 shares of the business services provider’s stock after selling 35,080 shares during the period. United Services Automobile Association owned 0.13% of Paychex worth $27,134,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Bruderman Asset Management LLC increased its stake in shares of Paychex by 0.3% in the first quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock valued at $400,000 after buying an additional 20 shares in the last quarter. Howe & Rusling Inc. increased its stake in shares of Paychex by 0.6% in the first quarter. Howe & Rusling Inc. now owns 8,530 shares of the business services provider’s stock valued at $502,000 after buying an additional 49 shares in the last quarter. First National Trust Co. increased its stake in shares of Paychex by 0.3% in the first quarter. First National Trust Co. now owns 25,186 shares of the business services provider’s stock valued at $1,483,000 after buying an additional 85 shares in the last quarter. Sunbelt Securities Inc. increased its stake in shares of Paychex by 2.1% in the first quarter. Sunbelt Securities Inc. now owns 6,445 shares of the business services provider’s stock valued at $380,000 after buying an additional 134 shares in the last quarter. Finally, Breton Hill Capital Ltd. increased its stake in shares of Paychex by 4.1% in the first quarter. Breton Hill Capital Ltd. now owns 4,337 shares of the business services provider’s stock valued at $255,000 after buying an additional 171 shares in the last quarter. Institutional investors own 68.51% of the company’s stock.

Paychex, Inc. (PAYX) opened at 57.20 on Friday. The stock has a 50 day moving average of $58.50 and a 200-day moving average of $59.49. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The company has a market cap of $20.56 billion, a PE ratio of 25.42 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter last year, the business posted $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.50%. This is a positive change from Paychex’s previous quarterly dividend of $0.46.

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A number of research firms recently weighed in on PAYX. BMO Capital Markets reissued a “hold” rating and set a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 target price (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. William Blair downgraded Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Morgan Stanley decreased their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research report on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus price target of $59.16.

In other Paychex news, VP Mark Anthony Bottini sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $60.01, for a total value of $2,100,350.00. Following the sale, the vice president now owns 47,007 shares in the company, valued at $2,820,890.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $58.76, for a total transaction of $587,600.00. Following the completion of the sale, the vice president now owns 33,483 shares in the company, valued at approximately $1,967,461.08. The disclosure for this sale can be found here. Insiders sold 148,151 shares of company stock worth $8,604,108 in the last 90 days. Company insiders own 11.60% of the company’s stock.

About Paychex

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.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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