Aurora Investment Counsel acquired a new position in Paychex, Inc. (NASDAQ:PAYX – Free Report) during the 1st quarter, HoldingsChannel reports. The fund acquired 23,840 shares of the business services provider’s stock, valued at approximately $2,196,000. Paychex accounts for about 1.2% of Aurora Investment Counsel’s investment portfolio, making the stock its 29th largest holding.
Other institutional investors and hedge funds have also bought and sold shares of the company. Hilton Head Capital Partners LLC bought a new position in shares of Paychex during the fourth quarter worth about $31,000. Cornerstone Planning Group LLC boosted its holdings in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after acquiring an additional 268 shares during the last quarter. Kingdom Financial Group LLC. acquired a new stake in Paychex during the 4th quarter valued at approximately $33,000. Board of the Pension Protection Fund bought a new position in Paychex during the 4th quarter worth approximately $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in Paychex during the 4th quarter worth approximately $34,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Paychex
In other news, 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 completion of the sale, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.80% of the stock is currently owned by insiders.
Paychex Stock Down 0.3%
Paychex (NASDAQ:PAYX – Get Free Report) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the prior year, the firm posted $1.19 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.
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 given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is 97.34%.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on PAYX shares. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Stifel Nicolaus boosted their price objective on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. Morgan Stanley raised their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Wells Fargo & Company dropped their price objective on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research note on Thursday, March 26th. Finally, BMO Capital Markets boosted their target price on Paychex to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Paychex has an average rating of “Hold” and an average target price of $105.80.
Get Our Latest Stock Analysis on Paychex
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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