Gulf International Bank UK Ltd Sells 1,102 Shares of Paychex, Inc. (NASDAQ:PAYX)

Gulf International Bank UK Ltd decreased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.1% in the 3rd quarter, Holdings Channel reports. The firm owned 25,675 shares of the business services provider’s stock after selling 1,102 shares during the period. Gulf International Bank UK Ltd’s holdings in Paychex were worth $3,445,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Catalyst Capital Advisors LLC increased its stake in shares of Paychex by 105.2% in the third quarter. Catalyst Capital Advisors LLC now owns 714 shares of the business services provider’s stock worth $96,000 after buying an additional 366 shares during the period. Capital Investment Services of America Inc. purchased a new position in shares of Paychex in the 3rd quarter valued at approximately $201,000. PDS Planning Inc bought a new stake in shares of Paychex during the third quarter valued at approximately $204,000. QRG Capital Management Inc. lifted its position in Paychex by 6.6% during the third quarter. QRG Capital Management Inc. now owns 61,894 shares of the business services provider’s stock valued at $8,306,000 after buying an additional 3,817 shares during the period. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Paychex by 0.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 131,827 shares of the business services provider’s stock valued at $17,690,000 after buying an additional 911 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.1 %

Shares of PAYX stock opened at $139.76 on Wednesday. The company has a 50 day simple moving average of $136.69 and a two-hundred day simple moving average of $127.78. The stock has a market cap of $50.30 billion, a P/E ratio of 29.80, a P/E/G ratio of 3.82 and a beta of 0.99. Paychex, Inc. has a 12 month low of $109.98 and a 12 month high of $144.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. Paychex’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 earnings per share. On average, research analysts expect that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Thursday, November 7th. Paychex’s payout ratio is 83.58%.

Insider Buying and Selling at Paychex

In other news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,020,197.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael E. Gioja sold 14,731 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock valued at $7,577,231 over the last 90 days. 11.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada increased their price objective on shares of Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their price target on shares of Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Barclays lifted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Finally, UBS Group upped their price target on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $130.77.

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.