NewEdge Wealth LLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 23,072 shares of the business services provider’s stock, valued at approximately $2,269,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Danica Pension Livsforsikringsaktieselskab bought a new position in shares of Paychex during the 2nd quarter worth approximately $9,157,000. Danske Bank A S purchased a new stake in Paychex during the second quarter valued at approximately $20,791,000. Diversify Advisory Services LLC acquired a new stake in Paychex in the second quarter valued at approximately $1,216,000. Wealthfront Advisers LLC acquired a new stake in Paychex in the second quarter valued at approximately $11,528,000. Finally, Rayburn West Financial Services LLC purchased a new position in Paychex in the second quarter worth $271,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Insider Activity
In other news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $383,862.75. Following the sale, the director directly owned 67,364 shares of the company’s stock, valued at $6,618,513. This trade represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by insiders.
Paychex Trading Up 0.3%
Paychex (NASDAQ:PAYX – Get Free Report) last announced its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current year.
Paychex Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be given a dividend of $1.19 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. Paychex’s payout ratio is currently 97.34%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an “underweight” rating and set a $107.00 price target on shares of Paychex in a research report on Monday, July 20th. JPMorgan Chase & Co. boosted their target price on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Thursday, June 25th. Stifel Nicolaus upped their target price on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, June 17th. Morgan Stanley increased their price target on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Paychex has an average rating of “Hold” and an average target price of $109.20.
Get Our Latest Research Report on PAYX
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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