KBC Group NV Has $2.45 Million Stake in Paychex, Inc. (PAYX)
KBC Group NV decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 15.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,081 shares of the business services provider’s stock after selling 7,936 shares during the period. KBC Group NV’s holdings in Paychex were worth $2,453,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Dupont Capital Management Corp bought a new position in shares of Paychex during the second quarter worth approximately $129,000. Parkside Financial Bank & Trust boosted its stake in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the period. Kernodle & Katon Asset Management Group LLC boosted its stake in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the period. Koshinski Asset Management Inc. acquired a new stake in Paychex during the second quarter valued at about $201,000. Finally, Denver Investment Advisors LLC boosted its stake in Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the period. Hedge funds and other institutional investors own 68.68% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 56.22 on Friday. The stock has a 50 day moving average price of $56.48 and a 200-day moving average price of $58.68. The firm has a market capitalization of $20.21 billion, a PE ratio of 24.99 and a beta of 0.96. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS. Equities analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 1st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
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Several equities research analysts have issued reports on PAYX shares. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird cut their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Wedbush reissued a “neutral” rating and set a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reissued a “hold” rating and set a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $59.28.
In related news, insider Efrain Rivera sold 5,837 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total value of $334,985.43. Following the completion of the sale, the insider now owns 53,395 shares of the company’s stock, valued at approximately $3,064,339.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at approximately $14,615,073.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,497 shares of company stock valued at $5,300,889. 11.60% of the stock is owned by company insiders.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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