Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its holdings in Paychex, Inc. (NASDAQ:PAYX) by 28.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 610,847 shares of the business services provider’s stock after selling 239,249 shares during the period. Victory Capital Management Inc.’s holdings in Paychex were worth $81,970,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its position in shares of Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 163 shares in the last quarter. 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 purchasing an additional 173 shares in the last quarter. ESL Trust Services LLC acquired a new position in shares of Paychex in the 1st quarter valued at approximately $31,000. Fortitude Family Office LLC raised its position in shares of Paychex by 42.0% in the 3rd quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 74 shares in the last quarter. Finally, American National Bank raised its position in shares of Paychex by 166.7% in the 2nd 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.

Paychex Price Performance

Shares of PAYX opened at $146.53 on Thursday. The company has a market cap of $52.74 billion, a P/E ratio of 31.24, a PEG ratio of 4.07 and a beta of 0.99. The stock has a fifty day moving average price of $138.42 and a 200 day moving average price of $128.72. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The firm had revenue of $1.32 billion during 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%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.14 EPS. On average, research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.68%. Paychex’s payout ratio is 83.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PAYX shares. Jefferies Financial Group upped their target price on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. UBS Group boosted 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. TD Cowen boosted their price target on Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada boosted their price target on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $130.77.

Insider Transactions at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the transaction, the vice president now owns 14,515 shares of the company’s stock, valued at approximately $2,018,020.45. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is currently owned by corporate insiders.

About Paychex

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.