BNP Paribas Financial Markets Sells 496,814 Shares of Paychex, Inc. (NASDAQ:PAYX)

BNP Paribas Financial Markets trimmed its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 32.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,015,245 shares of the business services provider’s stock after selling 496,814 shares during the quarter. BNP Paribas Financial Markets’ holdings in Paychex were worth $136,236,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its position in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the period. ORG Partners LLC raised its position in shares of Paychex by 227.6% in the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after buying an additional 173 shares in the last quarter. Fortitude Family Office LLC lifted its holdings in shares of Paychex by 42.0% during the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after acquiring an additional 74 shares during the period. Quest Partners LLC acquired a new stake in shares of Paychex during the 3rd quarter worth approximately $36,000. Finally, American National Bank raised its position in Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PAYX shares. JPMorgan Chase & Co. raised their target price on Paychex from $133.00 to $139.00 and gave the company an “underweight” rating in a report on Tuesday, November 19th. Barclays upped 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. TD Cowen raised their price objective on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Finally, Royal Bank of Canada raised their price target on shares of Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus target price of $131.62.

Insider Buying and Selling at Paychex

In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 42.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael E. Gioja sold 26,428 shares of Paychex stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the transaction, the vice president now directly owns 14,515 shares in the company, valued at approximately $2,018,020.45. This represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,174 shares of company stock valued at $7,577,231. Corporate insiders own 11.40% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $146.19 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $140.61 and its 200-day moving average price is $130.37. The firm has a market capitalization of $52.61 billion, a P/E ratio of 31.17, a P/E/G ratio of 3.99 and a beta of 0.99. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $150.71.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. Equities research analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

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.