KBC Group NV Cuts Holdings in Paychex, Inc. (NASDAQ:PAYX)

KBC Group NV reduced its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 4.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,310 shares of the business services provider's stock after selling 3,101 shares during the quarter. KBC Group NV's holdings in Paychex were worth $9,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its position in shares of Paychex by 220.7% in the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after acquiring an additional 128 shares during the period. WealthTrak Capital Management LLC bought a new stake in Paychex in the fourth quarter valued at $28,000. Millstone Evans Group LLC purchased a new position in Paychex during the 4th quarter valued at $33,000. Alpine Bank Wealth Management bought a new position in Paychex in the first quarter worth about $34,000. Finally, Tsfg LLC grew its holdings in shares of Paychex by 122.3% during the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after acquiring an additional 126 shares during the period. Institutional investors own 83.47% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PAYX shares. Barclays set a $155.00 price target on Paychex and gave the stock an "equal weight" rating in a research note on Tuesday, June 24th. UBS Group reduced their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, June 26th. Citigroup set a $158.00 price target on shares of Paychex and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada set a $165.00 target price on shares of Paychex and gave the company a "sector perform" rating in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group set a $140.00 price target on Paychex and gave the stock a "hold" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $149.11.

Paychex Stock Performance

Shares of NASDAQ PAYX traded up $0.55 during midday trading on Thursday, hitting $146.51. 428,213 shares of the stock traded hands, compared to its average volume of 1,950,913. Paychex, Inc. has a one year low of $115.40 and a one year high of $161.24. The firm has a 50-day moving average of $151.97 and a two-hundred day moving average of $147.87. 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 firm has a market capitalization of $52.77 billion, a P/E ratio of 32.03, a PEG ratio of 3.30 and a beta of 0.88.

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

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 12th were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Paychex's previous quarterly dividend of $0.98. Paychex's dividend payout ratio (DPR) is currently 90.00%.

Insider Activity

In other news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $149.25, for a total value of $544,762.50. Following the transaction, the director owned 78,455 shares of the company's stock, valued at $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.40% of the stock is currently owned by insiders.

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.