OneDigital Investment Advisors LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 48,723 shares of the business services provider’s stock, valued at approximately $4,791,000.
A number of other large investors have also modified their holdings of the business. Capital International Investors lifted its holdings in shares of Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after buying an additional 11,243,295 shares during the period. Vanguard Group Inc. grew its holdings in Paychex by 12.1% during the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares during the period. Federated Hermes Inc. grew its holdings in Paychex by 4,141.2% during the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock worth $270,267,000 after acquiring an additional 2,352,423 shares during the period. Norges Bank purchased a new position in Paychex in the fourth quarter worth $257,699,000. Finally, Bank of New York Mellon Corp purchased a new position in Paychex in the second quarter worth $193,555,000. 83.47% of the stock is owned by hedge funds and other institutional investors.
Paychex Price Performance
PAYX opened at $122.02 on Monday. The business’s fifty day moving average is $108.92 and its two-hundred day moving average is $99.34. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market cap of $43.40 billion, a price-to-earnings ratio of 24.95 and a beta of 0.81. Paychex, Inc. has a one year low of $85.45 and a one year high of $141.19.
Paychex Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio is presently 97.34%.
Insider Transactions at Paychex
In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several equities research analysts have commented on PAYX shares. Jefferies Financial Group boosted their target price on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Morgan Stanley raised their price objective on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. Finally, Stifel Nicolaus boosted their price objective on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $109.20.
Read Our Latest Stock Report on Paychex
About Paychex
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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