Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Paychex, Inc. (NASDAQ:PAYX – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,379 shares of the business services provider’s stock, valued at approximately $1,021,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PAYX. Redwood Investment Management LLC bought a new stake in shares of Paychex during the 2nd quarter valued at about $839,000. Parvin Asset Management LLC bought a new stake in Paychex in the second quarter worth approximately $66,000. Proficio Capital Partners LLC bought a new stake in Paychex in the second quarter worth approximately $424,000. Pure Financial Advisors LLC acquired a new position in Paychex in the second quarter valued at approximately $671,000. Finally, Transamerica Financial Advisors LLC acquired a new position in Paychex in the second quarter valued at approximately $210,000. 83.47% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on PAYX shares. JPMorgan Chase & Co. increased their price target on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, June 25th. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Jefferies Financial Group boosted their target price on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. UBS Group increased their target price on shares of Paychex from $105.00 to $115.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $109.20.
Paychex Stock Performance
Shares of PAYX stock opened at $126.48 on Friday. The firm has a market capitalization of $44.99 billion, a PE ratio of 25.87 and a beta of 0.81. The firm has a fifty day simple moving average of $113.19 and a two-hundred day simple moving average of $100.77. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $139.53.
Paychex (NASDAQ:PAYX – Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. The business’s revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Analysts forecast that Paychex, Inc. will post 5.96 EPS for the current fiscal year.
Paychex Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is currently 97.34%.
Insider Activity
In related news, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the transaction, the director owned 67,364 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This trade represents a 12.29% 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 company insiders.
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.
Featured Stories
- Five stocks we like better than Paychex
- Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape
- SEC Probe Puts Wall Street Leverage Risk Back in Focus
- A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole
- Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?
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.
