Caxton Associates LLP raised its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 183.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,572 shares of the business services provider’s stock after acquiring an additional 12,666 shares during the quarter. Caxton Associates LLP’s holdings in Paychex were worth $1,803,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock valued at $4,750,669,000 after acquiring an additional 4,583,157 shares during the last quarter. LBP AM SA boosted its holdings in shares of Paychex by 125.2% during the 4th quarter. LBP AM SA now owns 40,517 shares of the business services provider’s stock valued at $4,545,000 after acquiring an additional 22,527 shares in the last quarter. Tectonic Advisors LLC boosted its holdings in shares of Paychex by 17.4% during the 4th quarter. Tectonic Advisors LLC now owns 79,708 shares of the business services provider’s stock valued at $8,942,000 after acquiring an additional 11,805 shares in the last quarter. Comerica Bank grew its position in Paychex by 10.4% during the 4th quarter. Comerica Bank now owns 121,705 shares of the business services provider’s stock worth $13,653,000 after acquiring an additional 11,497 shares during the last quarter. Finally, Danske Bank A S grew its position in Paychex by 14.0% during the 4th quarter. Danske Bank A S now owns 205,341 shares of the business services provider’s stock worth $23,035,000 after acquiring an additional 25,184 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have commented on PAYX shares. Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and increased their target price for the company from $99.00 to $140.00 in a research report on Monday, June 15th. TD Cowen boosted their price target on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. UBS Group upped their price objective on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Finally, Stifel Nicolaus raised their price objective on shares of Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $107.53.
Paychex Trading Up 2.6%
PAYX opened at $113.55 on Friday. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $148.11. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The company has a fifty day moving average of $102.13 and a 200-day moving average of $98.40. The stock has a market cap of $40.39 billion, a PE ratio of 23.22 and a beta of 0.84.
Paychex (NASDAQ:PAYX – Get Free Report) last announced its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. Paychex’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.
Paychex Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given a $1.19 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 4.2%. Paychex’s dividend payout ratio (DPR) is 97.34%.
Insider Buying and Selling at Paychex
In other news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the transaction, the director directly owned 67,364 shares of the company’s stock, valued at $6,618,513. The trade was a 5.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.80% of the company’s stock.
Paychex Profile
Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.
Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.
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