KBC Group NV Sells 5,171 Shares of Paychex, Inc. (NASDAQ:PAYX)

KBC Group NV cut its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,767 shares of the business services provider's stock after selling 5,171 shares during the period. KBC Group NV's holdings in Paychex were worth $8,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. grew its position in shares of Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider's stock worth $26,000 after acquiring an additional 163 shares during the last quarter. ORG Partners LLC grew its position in shares of Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider's stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. Fortitude Family Office LLC increased its position in Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider's stock worth $34,000 after buying an additional 74 shares in the last quarter. American National Bank raised its position in shares of Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider's stock valued at $34,000 after buying an additional 180 shares during the last quarter. Finally, Quarry LP lifted its position in Paychex by 152.6% during the second quarter. Quarry LP now owns 293 shares of the business services provider's stock worth $35,000 after buying an additional 177 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PAYX shares. Morgan Stanley lifted their target price on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Royal Bank of Canada increased their target price on Paychex from $130.00 to $148.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 2nd. Citigroup lifted their price objective on shares of Paychex from $125.00 to $145.00 and gave the company a "neutral" rating in a research note on Wednesday, September 25th. UBS Group lifted their price target on Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. Finally, Barclays boosted their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an "equal weight" rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $130.77.

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company's stock, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the company's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at approximately $2,020,197.70. This trade represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by insiders.

Paychex Price Performance

Paychex stock traded down $2.88 on Friday, reaching $142.96. The company's stock had a trading volume of 1,631,158 shares, compared to its average volume of 1,638,612. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The company has a market cap of $51.45 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 3.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business's fifty day moving average price is $139.30 and its 200 day moving average price is $129.19.

Paychex (NASDAQ:PAYX - Get Free Report) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. The firm's quarterly revenue was up 2.5% on a year-over-year basis. Equities analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. Paychex's payout ratio is presently 83.58%.

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.