Gulf International Bank UK Ltd Sells 5,839 Shares of Paychex, Inc. (NASDAQ:PAYX)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Paychex, Inc. by 23% to $3.02 million, now owning 19,564 shares after selling 5,839 shares in the first quarter.
• The company announced a quarterly dividend of $1.08 per share, which represents a 3.1% yield and a payout ratio of 94.53%.
• Paychex's recent quarterly earnings met expectations, reporting an EPS of $1.19 and revenue of $1.43 billion, exceeding the analysts' estimates of $1.38 billion.

Gulf International Bank UK Ltd lowered its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 23.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 19,564 shares of the business services provider's stock after selling 5,839 shares during the period. Gulf International Bank UK Ltd's holdings in Paychex were worth $3,018,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of Paychex during the first quarter valued at $34,000. MorganRosel Wealth Management LLC bought a new position in shares of Paychex during the first quarter valued at $34,000. Tsfg LLC raised its stake in shares of Paychex by 122.3% during the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock valued at $35,000 after acquiring an additional 126 shares during the last quarter. Transce3nd LLC bought a new position in shares of Paychex during the fourth quarter valued at $44,000. Finally, HWG Holdings LP bought a new position in shares of Paychex during the first quarter valued at $46,000. Institutional investors own 83.47% of the company's stock.

Paychex Stock Up 0.6%

PAYX traded up $0.76 during midday trading on Friday, hitting $138.25. The company had a trading volume of 2,671,372 shares, compared to its average volume of 2,081,869. Paychex, Inc. has a 52 week low of $124.64 and a 52 week high of $161.24. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $49.80 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 3.17 and a beta of 0.91. The stock's 50 day moving average price is $145.29 and its 200 day moving average price is $148.11.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the firm posted $1.12 earnings per share. On average, research analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, July 21st. Paychex's payout ratio is 94.53%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PAYX shares. Citigroup set a $158.00 price target on shares of Paychex and gave the company a "neutral" rating in a research note on Tuesday, June 24th. UBS Group dropped their price target on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, June 26th. Morgan Stanley lowered their target price on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating for the company in a research note on Friday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Paychex from $148.00 to $153.00 and gave the stock an "underweight" rating in a research note on Thursday. Finally, BMO Capital Markets initiated coverage on shares of Paychex in a research note on Thursday, July 10th. They set a "market perform" rating and a $160.00 target price for the company. One research analyst has rated the stock with a sell rating and ten have issued a hold rating to the company's stock. Based on data from MarketBeat, Paychex presently has an average rating of "Hold" and an average price target of $150.70.

Insider Buying and Selling at Paychex

In other Paychex news, Chairman Martin Mucci sold 97,526 shares of Paychex 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 completion of the sale, the chairman directly owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. The trade was a 17.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John B. Gibson sold 12,370 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 81,755 shares of the company's stock, valued at approximately $11,602,669.60. The trade was a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.40% of the company's stock.

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.