Cooper Haims Advisors LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) during the second quarter, HoldingsChannel reports. The fund acquired 61,616 shares of the business services provider’s stock, valued at approximately $6,059,000. Paychex makes up about 2.6% of Cooper Haims Advisors LLC’s holdings, making the stock its 9th largest holding.
A number of other large investors also recently bought and sold shares of the company. Hilton Head Capital Partners LLC acquired a new position in Paychex during the 4th quarter worth approximately $31,000. Cornerstone Planning Group LLC lifted its holdings in shares of Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after buying an additional 268 shares during the period. Kingdom Financial Group LLC. purchased a new stake in shares of Paychex in the fourth quarter valued at approximately $33,000. Acumen Wealth Advisors LLC acquired a new position in Paychex during the fourth quarter worth $34,000. Finally, Wealth Watch Advisors INC acquired a new position in Paychex during the third quarter worth $42,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Paychex Stock Down 0.8%
Paychex stock opened at $124.99 on Wednesday. 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 firm has a market capitalization of $44.46 billion, a price-to-earnings ratio of 25.56 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $139.53. The stock’s fifty day moving average is $112.08 and its two-hundred day moving average is $100.38.
Paychex Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is 97.34%.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the company. Citigroup raised their target price on Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Morgan Stanley increased their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Cantor Fitzgerald reiterated an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research note on Monday, July 20th. Jefferies Financial Group boosted their price objective on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. upped their target price on shares of Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, June 25th. One equities research 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $109.20.
Read Our Latest Analysis on Paychex
Insider Transactions at Paychex
In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their position. The SEC filing for this sale provides additional information. 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.
Featured Stories
- Five stocks we like better than Paychex
- Pathward’s Credit Scare Tests Its Comeback Story
- Wiring the AI Boom: Rumble’s $13.7B Pivot
- StoneX: Too Far Too Fast?
- DICK’s Sporting Goods Faces Pain Now for a Bigger Prize
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX – Free Report).
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.
