Kestra Private Wealth Services LLC Sells 3,027 Shares of Paychex, Inc. (NASDAQ:PAYX)

Kestra Private Wealth Services LLC trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 9.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,177 shares of the business services provider's stock after selling 3,027 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Paychex were worth $4,347,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AMG National Trust Bank acquired a new position in Paychex during the 1st quarter valued at about $214,000. Formidable Asset Management LLC bought a new position in shares of Paychex in the first quarter valued at approximately $225,000. Creekmur Asset Management LLC purchased a new position in shares of Paychex during the first quarter valued at approximately $263,000. Commerzbank Aktiengesellschaft FI boosted its position in shares of Paychex by 7.8% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 12,493 shares of the business services provider's stock valued at $1,928,000 after buying an additional 909 shares during the last quarter. Finally, Graypoint LLC raised its position in Paychex by 3.1% in the 1st quarter. Graypoint LLC now owns 4,567 shares of the business services provider's stock valued at $705,000 after buying an additional 139 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PAYX. BMO Capital Markets assumed coverage on shares of Paychex in a report on Thursday, July 10th. They set a "market perform" rating and a $160.00 price objective on the stock. Jefferies Financial Group set a $140.00 price target on shares of Paychex and gave the stock a "hold" rating in a report on Thursday, June 26th. UBS Group decreased their price objective 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. Barclays set a $155.00 target price on Paychex and gave the stock an "equal weight" rating in a research note on Tuesday, June 24th. Finally, Royal Bank Of Canada set a $165.00 price target on Paychex and gave the company a "sector perform" rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating and ten have issued a hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $150.20.

Insider Activity

In other news, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction dated 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 directly owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John B. Gibson sold 12,370 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 81,755 shares in the company, valued at $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 Stock Performance

Shares of PAYX opened at $143.46 on Monday. Paychex, Inc. has a 1 year low of $121.33 and a 1 year high of $161.24. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.28. The stock's fifty day moving average price is $151.17 and its two-hundred day moving average price is $148.35. The firm has a market cap of $51.68 billion, a PE ratio of 31.39, a PEG ratio of 3.29 and a beta of 0.88.

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 for the quarter, hitting the consensus estimate of $1.19. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same quarter last year, the company earned $1.12 earnings per share. On average, equities research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

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

Paychex 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.

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