Asset Advisors Investment Management LLC Lowers Stake in Paychex, Inc. (NASDAQ:PAYX)

Asset Advisors Investment Management LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 138,847 shares of the business services provider's stock after selling 1,904 shares during the period. Paychex comprises 2.3% of Asset Advisors Investment Management LLC's investment portfolio, making the stock its 13th biggest position. Asset Advisors Investment Management LLC's holdings in Paychex were worth $21,421,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Golden State Equity Partners grew its position in shares of Paychex by 0.9% during the 1st quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock valued at $1,176,000 after acquiring an additional 71 shares during the period. Palumbo Wealth Management LLC grew its position in shares of Paychex by 2.4% during the 1st quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock valued at $492,000 after acquiring an additional 74 shares during the period. Asset Dedication LLC grew its position in shares of Paychex by 12.1% during the 1st quarter. Asset Dedication LLC now owns 711 shares of the business services provider's stock valued at $110,000 after acquiring an additional 77 shares during the period. Ashton Thomas Securities LLC grew its position in shares of Paychex by 2.5% during the 4th quarter. Ashton Thomas Securities LLC now owns 3,179 shares of the business services provider's stock valued at $446,000 after acquiring an additional 78 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Paychex by 7.6% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,148 shares of the business services provider's stock valued at $177,000 after acquiring an additional 81 shares during the period. 83.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PAYX shares. Stifel Nicolaus reduced their target price on shares of Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a research report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 price objective on shares of Paychex and gave the stock a "sector perform" rating in a report on Tuesday, June 24th. UBS Group cut their price objective on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, June 26th. Barclays set a $155.00 price objective on shares of Paychex and gave the stock an "equal weight" rating in a report on Tuesday, June 24th. Finally, Morgan Stanley cut their price objective on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $150.20.

Insiders Place Their Bets

In other Paychex news, Chairman Martin Mucci sold 97,526 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total value of $14,157,849.42. Following the sale, the chairman owned 446,917 shares of the company's stock, valued at $64,878,940.89. This trade represents a 17.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John B. Gibson sold 12,370 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $141.92, for a total transaction of $1,755,550.40. Following the completion of the sale, the chief executive officer directly owned 81,755 shares in the company, valued at approximately $11,602,669.60. This trade represents a 13.14% decrease in their position. The disclosure for this sale can be found here. 11.40% of the stock is owned by company insiders.

Paychex Price Performance

NASDAQ PAYX traded up $0.17 on Friday, hitting $143.46. The stock had a trading volume of 2,487,335 shares, compared to its average volume of 1,978,751. Paychex, Inc. has a 52-week low of $121.33 and a 52-week high of $161.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.39 and a current ratio of 1.28. The company has a market capitalization of $51.68 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 3.26 and a beta of 0.88. The firm has a 50-day moving average of $151.33 and a 200-day moving average of $148.21.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period in the prior year, the company posted $1.12 EPS. Equities analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Monday, July 21st. Paychex's dividend payout ratio (DPR) is presently 94.53%.

About Paychex

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.